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Summary of the Dangote refinery IPO prospectus
Dangote Refinery IPO - Quick Summary1. Basics- What is an IPO? Initial Public Offering = Company sells shares to the public for the first time and gets listed on the Nigerian Stock Exchange.- Issuer: Dangote Petroleum Refinery & Petrochemicals FZE - Offer Dates: Opens 14 Sept 2026* | Closes 13 Oct 20262. Issuing Houses- Lead Issuing House: Vetiva Advisory Services Limited- Joint Issuing Houses: 25 firms 1. FirstCap Limited 2. Stanbic IBTC Capital Limited 3. Chapel Hill Denham Advisory Limited 4. Absa Capital Markets Nigeria Limited 5. Afrinvest Capital Limited 6. CardinalStone Partners Limited 7. Comercio Partners Capital Limited 8. Cordros Advisory Services Limited 9. Coronation Merchant Bank Limited 10. Cowry Asset Management Limited 11. Ecobank Development Company Limited 12. FCMB Capital Markets Limited 13. Finmal Finance Services Limited 14. First Ally Advisory Limited 15. FSDH Capital Limited 16. Futureview Financial Services Limited 17. Greenwich Capital Markets Limited 18. Meristem Capital Limited 19. Quest Merchant Bank Limited 20. Quantum Zenith Capital & Investments Limited 21. Rand Merchant Bank Nigeria Limited 22. Renaissance Securities (Nigeria) Limited 23. SCM Capital Limited 24. Tiddo Securities Limited 25. United Capital PlcYou can also subscribe via licensed stockbrokers and accredited banks in addition to the houses above._3. Offer Details- Mode: Fixed Price - Offer Price: ₦525.00 per share- Minimum Subscription: 10 shares and multiples of 10 - Gross Proceeds if fully sold: ₦2.152 Trillion- Market Cap Pre-Listing: ₦63.06 Trillion | At Listing: ₦65.22 Trillion4. Use of ProceedsFunds will go to therefinery expansion program:- Current: 700,000 barrels/day → Expanding to 1,400,000 barrels/day- Total cost: ~US$14.3 billion over 5 years. Completion targeted 2029*- Net proceeds: *₦2.111 Trillion after ₦41.49B offer costs5. Key Investor Info- Oversubscription: Company may absorb up to 30% extra, subject to SEC approval.- Retail Investor Incentive: Hold min 10 shares for 12 months = Get 1 free bonus share Hold for 24 months = Get 2nd bonus share. Max 2 bonus shares- Shariah Compliance: Certified compliant by Buraq Capital per AAOIFI Standard No. 216. Financials & WarniTotal Borrowings as at June 2026: ~US$5.67 billion, all secured- Risks: Prospectus lists several risk factors. Read and do due diligence.- Fraud Alert: Only invest through *licensed stockbrokers, accredited banks, or the 26 issuing houses listed above*.In one line:Dangote Refinery is raising ₦2.15 Trillion at ₦525/share to double capacity by 2029. IPO runs Sept 14 - Oct 13, 2026.
How to Buy Shares in the Dangote Refinery IPO
Dangote Refinery is opening its IPO to the public, and Chairman Aliko Dangote is calling it “the IPO for the people.” With shares priced at ₦525 and a minimum of just 10 shares = ₦5,250, the goal is to make it affordable for ordinary Nigerians — drivers, cooks, domestic staff and more — to become shareholders. The offer is being coordinated by Vetiva Advisory Services and has SEC approval. Offer Dates: September 14 – October 13, 2026 Here’s your 8-step guide to participate:How to Apply for the Dangote Refinery IPO Open a Brokerage Account You can’t buy NGX shares directly. Use a SEC/NGX-licensed stockbroker. Most allow online registration with BVN, valid ID, and passport photo. Always verify the broker on SEC/NGX websites first.Link or Open a CSCS Account Shares are held electronically in the Central Securities Clearing System. Your broker will set this up for you. All allotted shares go here.Complete KYC Verification Submit required documents to activate your account. Requirements vary slightly by broker.Fund Your Account Minimum investment is ₦5,250 for 10 shares. Deposit funds before Sept 14. Confirm the application increments in the final prospectus.Watch for the Official Opening Subscription runs Sept 14 – Oct 13, 2026. Rely only on the official prospectus for dates and details. The July private placement was already oversubscribed by 270%.Submit Your Application Apply through your broker or approved fintech/mobile apps listed in the offer documents. Double-check platforms to avoid scams. The SEC has warned against fake agents.Await Allotment Applying doesn’t guarantee all the shares you requested. If oversubscribed, allotment will be scaled down and excess funds refunded. Successful shares will be credited to your CSCS account.Track After Listing Once listed on the NGX, you can monitor, hold, or sell your shares through your broker’s platform. Key Notes:Read the official prospectus before investing.CSCS account opening is FREE. Never pay anyone to “secure access.”Never send money to personal accounts. Use only official channels.The Dangote Refinery IPO is being positioned as a chance for everyday Nigerians to own a piece of one of Africa’s biggest industrial projects. With high public interest expected, early preparation and using only verified channels will be critical. Disclaimer: This is not financial advice. Share prices can rise or fall. Always consult the official prospectus and a licensed financial advisor.
Job seekers are waiting for the ‘September Surge.’ Economists say there’s something behind the hype and explain why it’s a good time to apply
The old rule says you're supposed to stop wearing white after Labor Day. For job seekers who spent the summer sending resumes into the void, there's another piece of September lore worth paying attention to—the job market is supposed to pick back up. The phenomenon has been dubbed the "September Surge," a termFortune was writing about as early as 2023, when it was gaining traction on TikTok. Friday's jobs report offered some encouraging signs heading into September. U.S. employers added 162,000 jobs in August, according to the Bureau of Labor Statistics, while estimates for June and July were revised up by a combined 55,000 jobs. The unemployment rate held steady at 4.1%. Kory Kantenga, LinkedIn's head of economics for the Americas, told Fortune that economists typically adjust labor-market data to remove predictable seasonal swings. But those swings can matter to job seekers, and September is one of them. "You see more job postings in September than you do any other time during the year, and that happens year after year," Kantenga said. A 2025 LinkedIn Economic Graph analysis of labor-market seasonality provided to Fortune found that job postings generally peak in the spring and early summer, often around May, then decline. But the U.S. as well as several other English-speaking and Nordic countries experience another peak around September and October. In the U.S., LinkedIn's data show postings in August dip 3% below March levels before rising to 14% above March levels in September and 11% above in October. But LinkedIn also found a mismatch in applications, which typically peak between January and May before declining through much of the rest of the year. Even in countries where postings rise again in the fall, applications generally don't show the same increase. Kantenga said that can leave an opening for people who continue looking later in the year. "If there are only five jobs available, but you're the only person looking, that's still not a bad position to be in, assuming that you qualify for one of those roles," he said. Separate data from Indeed's Job Postings Index also shows a seasonal ramp-up that is noticeable around Labor Day and the weeks that follow. That's when employers begin preparing for the fourth quarter and the holiday season, bringing more demand for workers in areas including retail and transportation and warehousing. But it's not much of a surge as some years only show a small September uptick. "It's not typically a very large bump that we see in the job postings data," Cory Stahle, an economist at Indeed Hiring Lab, told Fortune. Story Continues Still, September can be a good time to restart a job search. Hiring managers and human resources employees take vacations during the summer, Stahle said, which can slow the interview process. September and October come after that summer slowdown but before the holidays begin making scheduling difficult again. There isn't one hiring season The timing also depends heavily on the kind of job someone is looking for. Accounting is one particularly clear example. Stahle said employers begin ramping up postings in late summer as they prepare for year-end reporting and the coming tax season. Indeed's data show accounting postings jumped roughly 21% from July to August last year, he said. But the field's hiring calendar stretches well beyond September. Indeed's data on new accounting postings show recurring swings throughout the year, including sharp increases around the beginning of the year. Other white-collar employers operate on a different timeline. Kantenga pointed to finance, accounting and other professional-services firms that recruit in September and October for workers who may not actually start until the following summer. That lag is another reason more postings in September don't necessarily mean more people will start jobs in September. According to LinkedIn's 2025 analysis, hiring and job transitions typically peak between July and September, fall sharply in December and rise again in January. Some of that January increase reflects workers who secured jobs during the final months of the previous year but delayed their start dates. This September is arriving in a slow hiring market Even if September follows its usual seasonal pattern, job seekers are entering it in a difficult labor market. LinkedIn's hiring rate rose just 2% from July to August, according to an analysis Kantenga published Friday following the latest jobs report. Hiring remains more than 20% below its pre-pandemic level, while the number of jobs available per applicant is 6% lower than it was a year ago. Stahle described the current labor market as roughly in line with, if not slightly weaker than, a year ago. There were 7.3 million job openings in July, he said, slightly more than the roughly 7.1 million openings a year earlier. But Stahle said employers are hiring at a slower pace and taking longer to extend offers to candidates. "So the jobs are kind of there, but employers [are] maybe not necessarily super eager to bring people in quickly," he added. For workers who have already spent months searching, the slow pace is taking a toll. Kantenga said LinkedIn is seeing what he described as a "big crisis of confidence" among job seekers, particularly Gen Z. A long, unsuccessful search can eventually change how people respond to the labor market, he said. Some stop looking for work, while others decide to return to school. The labor force participation rate edged up to 61.6% in August from 61.4% in July, according to Friday's BLS report, though it remains half a percentage point below where it stood in January. Knowing when employers tend to post jobs won't ultimately change the underlying labor market. But Kantenga said understanding the normal hiring calendar can give job seekers more context about why a search may feel especially difficult at certain points of the year. "If you're having a hard time in February, it could just be February," he said. "It might not just be you." This story was originally featured on Fortune.com View Comments
Stocks making the biggest moves midday: Sandisk, Tesla, Lululemon, Quanex, AMC & more
Check out the companies making the biggest moves midday: Guidewire Software — The platform for insurers plummeted 21% after revenue guidance for the current quarter fell short of expectations. Guidewire sees revenue ranging from $372 million to $378 million, versus the LSEG consensus estimate of $387 million. Full-year revenue guidance ranged from $1.71 billion to $1.73 billion, versus the $1.70 billion estimate. Tesla — The electric vehicle company dropped 6%. The National Highway Traffic Safety Administration announced an investigation into whether Tesla's Cybercab is compliant with all federal safety standards. The announcement came after the company launched its robotaxis in Austin, Texas on Thursday. Sandisk , KLA — Both chip stocks traded sharply higher, as the semiconductor space rallied ahead of the long weekend. Sandisk was up more than 8% on the day, while KLA climbed 7%. The VanEck Semiconductor ETF (SMH) rose more than 2%, while the Roundhill Memory ETF (DRAM) popped 5%. Quanex Building Products — The manufacturer of window and door hardware surged 19% on the back of a rosy third-quarter earnings report. Quanex earned 79 cents per share on an adjusted basis and posted revenue of $501.8 million. This beat the FactSet consensus call for 66 cents per share and $497.5 million. Adjusted EBITDA also surpassed expectations. AMC Entertainment — The movie theater company gained 6.5% after CEO Adam Aron slammed Robinhood for its stock tokens for AMC and others, calling the practice "contemptible, outrageous, disgusting." Shares of Robinhood slipped nearly 1%. Equifax , TransUnion , Fair Isaac — The credit monitoring companies slid in midday trading. Federal Housing Finance Agency Director Bill Pulte said on X late Thursday that Equifax, TransUnion and Experian have been "overcharging Americans for too long. This will end soon." Fair Isaac shares struggled, dropping more than 15%. Equifax dropped 6.8%, while TransUnion fell more than 7%. Smith & Wesson — The firearms manufacturer reported a beat on the top and bottom lines, sending shares 6% higher. Smith & Wesson saw quarterly earnings of 6 cents per share, versus the 6 cent loss expected from analysts polled by FactSet. Revenue came in at $112.6 million, compared to the $98.7 million consensus estimate. Lululemon Athletica — Shares of the sportswear manufacturer tumbled 17% after the company posted a glum forecast for the current quarter. Lululemon called for earnings in a range of 93 cents to 98 cents per share on revenue of $2.29 billion to $2.32 billion. Analysts were looking for $2.40 per share and $2.53 billion. Zscaler — The cloud security company's stock slipped 5% despite its earnings beat. Zscaler posted fourth-quarter adjusted earnings of $1.19 per share on revenue of $898 million, topping the LSEG consensus call for $1.09 per share on $877 million. Guidance for the current quarter also beat expectations. Adobe — The software company announced Anil Chakravarthy would be its next CEO . He succeeds Shantanu Narayen who said last March that he would step down from the role. Shares were last down 6%. Asana — Shares of the work management software platform tanked 14% after current quarter guidance failed to impress the Street. Asana sees third-quarter revenues in a range of $217 million to $219 million and adjusted earnings of 8 cents per share. Analysts polled by LSEG sought 9 cents per share in earnings and $218 million in revenue. Samsara — The software company with a focus on the Internet of Things advanced about 4%. Samsara sees full-year revenue ranging from $2.04 billion to $2.05 billion, topping the $2.01 billion LSEG consensus estimate. Guidance for adjusted earnings of 76 cents to 78 cents a share surpassed the expected 72 cents per share. UiPath — The software company lost 16%. UiPath sees current quarter adjusted operating income of roughly $100 million, versus the FactSet consensus call for $99.6 million. Revenue guidance for the period ranges from $440 million to $445 million, versus the estimated $441.5 million. Oxford Industries — The maker of Tommy Bahama and Lilly Pulitzer sank 17% after cutting its full-year guidance. The company now anticipates adjusted EPS for the year of $1.60 to $2 per share, down from its prior guidance of $2.30 to $2.70 a share. It expects revenue of $1.43 billion to $1.47 billion, versus its prior guidance of $1.475 billion to $1.505 billion. CNBC's Fred Imbert, Ananya Chetia and Davis Giangiulio contributed reporting.
How the Fed could adjust interest rates following August's jobs report
Yahoo Finance Markets and Data Editor Jared Blikre and Yahoo Finance Senior Business Reporter Ines Ferré join Yahoo Finance Executive Editor Brian Sozzi to talk about how the Federal Reserve could react to August's jobs report, which outpaced economists' forecasts and had markets wobbling. Video Transcript 00:00 Speaker A Market didn't like this report. Can't say I'm surprised. 00:02 Jared Blikre No, it was really interesting to see the market report, but also, we know from Fed Chair Warsh's last Friday, uh last Friday's Jackson Hole speech that he's watching the market reaction. So the market tightened here. So what was the market reaction? We got stock futures down, rates are up, dollar is up, meanwhile, Bitcoin and gold are down. So yesterday's debasement trade, which seemed to be on is reversing today. So what we're seeing is a little bit of tightening by the market and Warsh likes that because he wants the market to do his job. This takes a little bit of pressure off of that September rate hike and here's another reason why we might not see a September rate hike because when you dig into the report under the surface, you see it's really strong in three different areas that I call the magnificent three. Restaurants and bars up 60,000, local government education up 42,000, healthcare up 13,000. That's 114,000, which is 70% of the total 162,000. So these are lower income, lower wage jobs and uh so that kind of uh ameliorates some of the hawkishness that you might look at if you're saying 60 162,000 plus another 55,000 added in those revisions. 00:53 Speaker A Jared Blicry, you sound a little dovish here today. 00:55 Jared Blikre I'm a little dovish. I think the Fed might skip September, just might, but it depends on what happens with inflation. 01:01 Speaker A Uh and as I'm I'm I got those hawkish vibes. Jared Blikre sound a little dovish. Where where you stand? 01:06 Speaker C I'm actually with Jared on this one. Uh yes, because I think that Governor Waller had a chance to sound hawkish yesterday and he didn't take it. He didn't take that chance before the blackout period. So I think that um a surprise to the market would be perhaps to hike rates. Even though I know that there's a big division, there's like about a 50-50 chance, right? But I'm with Jared on this one. I think that they stay steady. and then before the midterms, I think they're going to stay steady. again, and look, they may be looking at the unemployment rate, which stayed the same. Uh you did see as Jared noted losses and information uh services, losses in financial activities. So those white collar jobs uh that you are seeing losses there, but you're seeing gains on those other sectors that Jared mentioned. View Comments
Stocks making the biggest moves premarket: AMC, USA Rare Earth, Lululemon, Adobe & more
Check out the companies making the biggest moves in premarket trading: AMC Entertainment — The movie theater company gained 5.5% after its CEO slammed Robinhood for its stock tokens for AMC and others, calling the practice contemptible, outrageous and vile. Shares of Robinhood slipped nearly 2%. Equifax , TransUnion — The credit monitoring companies shed xx and xxx, respectively. Federal Housing Finance Agency Director Bill Pulte said on X late Thursday that Equifax, TransUnion and Experian have been "overcharging Americans for too long. This will end soon." Rare earth stocks — Shares of rare earth companies moved higher following a Reuters report that some Chinese firms halted U.S. shipments due to geopolitical concerns. USA Rare Earth and Critical Metals both added roughly 4%, while MP Materials and Energy Fuels rose about 3%. Smith & Wesson — The firearms manufacturer reported a beat on the top and bottom lines, sending shares 11.7% higher. Smith & Wesson saw quarterly earnings of 6 cents per share, versus the 6 cent loss expected from analysts polled by FactSet. Revenue came in at $112.6 million, compared to the $98.7 million consensus estimate. Lululemon Athletica — Shares of the sportswear manufacturer tumbled 20% after the company posted a glum forecast for the current quarter. Lululemon called for earnings in a range of 93 cents to 98 cents per share on revenue of $2.29 billion to $2.32 billion. Analysts were looking for $2.40 per share and $2.53 billion. Zscaler — The cloud security company's stock slipped nearly 2% despite its earnings beat. Zscaler posted fourth-quarter adjusted earnings of $1.19 per share on revenue of $898 million, topping the LSEG consensus call for $1.09 per share on $877 million. Guidance for the current quarter also beat expectations. Adobe — The software company announced Anil Chakravarthy would be its next CEO . He succeeds Shantanu Narayen who said last March that he would step down from the role. Shares were last down nearly 3%. Planet Labs — Shares of the satellite imagery company advanced 13% on the back of strong second-quarter results. Planet Labs posted adjusted earnings of 2 cents per share on revenue of $116.1 million. Analysts polled by FactSet were looking for a loss of 2 cents per share and $104.5 million in revenue. Asana — Shares of the work management software platform tanked 9.5% after current quarter guidance failed to impress the Street. Asana sees third-quarter revenues in a range of $217 million to $219 million and adjusted earnings of 8 cents per share. Analysts polled by LSEG sought 9 cents per share in earnings and $218 million in revenue. Guidewire Software — The platform for insurers tumbled 14.5% after revenue guidance for the current quarter fell short of expectations. Guidewire sees revenue ranging from $372 million to $378 million, versus the LSEG consensus estimate of $387 million. Samsara — The software company with a focus on Internet of Things surged 15% on rosy projections. Samsara sees full-year revenue ranging from $2.04 billion to $2.05 billion, topping the $2.01 billion LSEG consensus estimate. Guidance for adjusted earnings of 76 cents to 78 cents a share surpassed the expected 72 cents per share. UiPath — The software company lost 7.4%. UiPath sees current quarter adjusted operating income of roughly $100 million, versus the FactSet consensus call for $99.6 million. Revenue guidance for the period ranges from $440 million to $445 million, versus the estimated $441.5 million. Oxford Industries — The maker of Tommy Bahama and Lilly Pulitzer sank 17% after cutting its full-year guidance. The company now anticipates adjusted EPS for the year of $1.60 to $2 per share, down from its prior guidance of $2.30 to $2.70 a share. It expects revenue of $1.43 billion to $1.47 billion, versus its prior guidance of $1.475 billion to $1.505 billion. CNBC's Darla Mercado, Ananya Chetia and Davis Giangiulio contributed reporting.
Stocks making the biggest moves premarket: Snowflake, Moderna, Broadcom & more
Check out the companies making the biggest moves premarket: Snowflake — Shares surged 24% after the company's second-quarter results topped analyst expectations. For the quarter, Snowflake posted adjusted earnings of 62 cents per share on revenue of $1.55 billion. Analysts surveyed by LSEG had anticipated 45 cents in earnings per share and $1.48 billion in revenue. The company also raised its full-year product revenue guidance. Software stocks — Snowflake's rally lifted its software peers as well. Datadog jumped more than 5%, while ServiceNow was up by 3%. Meanwhile, Salesforce rose just over 1.5%. Hewlett Packard Enterprise — The enterprise technology company slipped 3%. HPE is calling for earnings growth of 16% to 20% for the fiscal year ending October 2027, while the FactSet consensus sought a 18.7% increase. Cash flow for the period is expected to be at least %5 billion, versus the Street's forecast for $4.79 billion. Broadcom — The chipmaker lost 2.5% as investors responded negatively to the company's revenue forecast for the fourth quarter, which came in at $34.8 billion compared to a $35.03 billion estimate. Fourth quarter non-GAAP operating margin projections came in at 66%, below the 66.5% estimate. Broadcom reported revenue of $29.59 billion for the third quarter and adjusted earnings of $3.32 per share. Campbell's Company – The food and beverage company fell almost 7% after it reported earnings guidance for its fiscal year 2027 that came in below expectations. Campbell's expects earnings of between $1.65 and $1.80 per share in fiscal 2027, compared to a FactSet consensus for $1.83 per share. It also forecasted for revenue growth to contract at a wider rate than expected in the fiscal year. Ultragenyx Pharmaceutical – Shares plunged more than 46% after the company reported that Phase 3 trial results for its drug to treat Angelman syndrome, a rare genetic neurodevelopmental disorder, did not achieve its primary endpoint. The company said it was disappointed in the result and will evaluate the program to develop the drug, as well as implement significant cost reductions. Petco – The pet products retailer jumped almost 9%. Adjusted EBITDA margin in the second quarter came in at 8.2% versus the StreetAccount consensus estimate of 7.4%. Excluding a tariff benefit, the metric came in at 7.7%, which would still beat analysts' expectations. Moderna – Shares were off more than 2% after the biotechnology company was downgraded by Rothschild & Co Redburn to sell. Analysts at the firm said the stock, after a huge surge following the success in a trial of its experimental cancer vaccine for melanoma, is now overvalued. Argan – The engineering and construction stock popped nearly 7.5% after the company posted better-than-expected earnings and revenue for the second quarter. Argan earned $3.76 per share in the period, well above the $2.64 per share that analysts polled by FactSet had called for. The company's revenue came in at $384 million, while analysts were looking for $300.5 million. Five Below – The discount retailer rose 4.5% after second-quarter results beat expectations on the top and bottom lines. Five Below earned $1.68 per share on revenue of $1.26 billion, while analysts polled by FactSet sought $1.40 per share and $1.22 billion. Same-store sales also surpassed estimates. Victoria's Secret – The women's apparel retailer sunk more than 18% after the company slightly missed estimates on revenue in its second quarter results. Guidance for the company's operating income in the current quarter also came in below expectations, according to analysts polled by FactSet, but the company's forecast for full-year revenue came in-line with estimates. Adjusted earnings for the second quarter also beat expectations. Netskope – Shares of the cybersecurity company popped 12%. Netskope sees full-year revenue in a range of $888 million to $892 million, while the LSEG consensus estimate called for $881 million. The company also anticipates an adjusted loss of 15 cents a share for the period, narrower than the estimated loss of 18 cents per share. NetApp – The data infrastructure company shed 8%. Deferred revenue in the first quarter came in at $4.85 billion, falling slightly short of the $4.86 billion StreetAccount consensus estimate. Non-GAAP gross margin for the period was 70.6%, while the Street called for 69.7%. – CNBC's Sean Conlon and Tobias Burns contributed reporting.
New York Fed's Williams says yield surge due to strong economic prospects
New York Federal Reserve President John Williams said Wednesday that the recent surge in Treasury yields is the product of a strong economy, not market dysfunction. The central bank policymaker added in a CNBC interview that he's still absorbing economic data, and did not commit on whether he thinks an interest rate hike is necessary. "I think that we have to wait and see," Williams told CNBC's Steve Liesman during a "Squawk Box" interview from the New York bank's headquarters in lower Manhattan. "There's no clear signs right now whether monetary policy currently is sufficient to make sure we bring inflation back to target in the next year or two, or whether you need to see further action to do that." "The [inflation] data recently have been encouraging towards that, but again we can't just look a month or two. We've got to get a full picture and and look at all the all the different pieces of information we have," he added. In financial markets, the biggest story recently has been a jump in Treasury yields to multi-year highs, particularly at the long end where investors price in expectations for inflation and economic growth. While that has been going on, traders have raised expectations for a Fed rate hike at the Sept. 15-16 meeting, putting odds Wednesday morning around 66%, according to the CME Group's gauge. Though investors are worried about inflation, Williams said he sees the Treasury market action as a result of solid economic prospects. "What's driving it, in large part, is ... really a strong U.S. economy and a strong economic outlook fueled by big investments in AI and data centers and technology in general," he said. "So, I think it's not really about financial conditions affecting the economy. It's more about the economy affecting financial conditions." Williams added that he sees inflation expectations as "well-anchored" despite the run-up this year in prices linked to tariffs and the Iran War. As New York Fed President, Williams is a permanent voter on the rate-setting Federal Open Market Committee. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Vertiv, Sirius, Dell, MongoDB & more
Check out the companies making the biggest moves premarket: Vertiv — The AI infrastructure company's shares slid less than 1% after it announced the $1.45 billion acquisition of UtilityInnovation Group. The deal also includes up to $1.15 billion in additional consideration tied to achieving EBITDA targets over 12- and 24-month periods, according to the company's press release. The acquisition will help data centers secure power faster. Sirius — Shares of the audio entertainment company rose more than 3% after Deutsche Bank upgraded the stock to buy from hold with a $45 price target, implying more than 60% upside from current levels. Dell Technologies — Shares of the computer maker jumped 8% in the premarket session after beating expectations on both lines on Tuesday. Dell also lifted its forecast for the fiscal 2027 year, citing strength in its artificial intelligence services business. Palo Alto Networks — Shares of the cybersecurity stock fell nearly 2% after it reported better-than-expected earnings for the fiscal fourth quarter on Tuesday. The company earned $1.02 per share, excluding items, on $3.41 billion in revenue, outpacing expectations of 98 cents per share and $3.35 billion, respectively, per LSEG. MongoDB — The data developer dropped around 13% despite posting better-than-expected earnings and upbeat guidance. MongoDB earned $1.90 per share, excluding items, on revenue of $772 million in the second quarter, while analysts surveyed by LSEG forecasted earnings of $1.61 a share and revenue of $734 million. Credo Technology — The connectivity stock fell about 9% after its non-GAAP gross margin for the first quarter came in at 68%, while analysts polled by LSEG penciled in 68.3%. However, Credo beat expectations on both lines for the first quarter. — CNBC's Alex Harring contributed reporting
Stocks making the biggest moves after hours: Dell, MongoDB, GitLab and more
Check out the companies making headlines in after-hours trading. Dell Technologies — Shares of the computer maker jumped almost 9% after beating expectations on both lines. Dell also lifted its forecast for the fiscal 2027 year, citing strength in the artificial intelligence service business. MongoDB — The data developer shares dropped 12% despite posting better-than-expected earnings and upbeat guidance. MongoDB said it earned $1.90 per share, excluding items, on $772 million in the second quarter, while analysts surveyed by LSEG forecasted $1.61 a share and $734 million. Credo Technology — Shares of the connectivity stock slid almost 4% after its non-GAAP gross margin for the first quarter came in at 68%, while analysts polled by LSEG penciled in 68.3%. However, Credo beat expectations on both lines for the first quarter. GitLab — Shares of the software stock rallied nearly 20% on an earnings beat and upbeat full-year guidance. GitLab earned 24 cents per share, excluding items, on revenues of $286 million in the second quarter, beating estimates for 18 cents and $273 million, respectively, according to LSEG. Palo Alto Networks — Shares of the cybersecurity stock sat around flat after a better-than-expected report for the fourth fiscal quarter. Palo Alto reported $1.02 per share, excluding items, on $3.41 billion in revenue versus respective expectations for 98 cents and $3.35 billion, per LSEG.
How Mark Zuckerberg and Elon Musk made the case for AI at the G20 meeting
Yahoo Finance Fed Correspondent Jennifer Schonberger joins Market Domination host Josh Lipton to report on Meta (META) CEO Mark Zuckerberg and SpaceX (SPCF) CEO Elon Musk speaking on the projected benefits of AI, including job growth and boosting the global economy by 20 to 30%, at the G20 Innovation Ministerial in Chapel Hill, N.C. Video Transcript 00:00 Josh We saw Elon Musk speaking to the G20 today on the influence of AI on the economy. What what did he have to say? 00:07 Jen That's right. This year the G20 bringing together executives in addition to finance ministers around the globe, and Elon Musk said that he believes that the full adoption of AI could lead to 20 to 30 trillion dollars in extra growth per year globally. Take a listen. 00:27 Elon Musk I think AI will probably increase the global economy by 20 to 30%. That's my rough rough estimate. Um meaning on the order of 20 to 30 trillion dollars per year. Um and and AI will be able to do anything digital, anything that does not require shaping of atoms by hand. Um, probably by the end of next year. 01:00 Jen Musk also said that at some point next year, he thinks that AI software will be so good that it will be impossible for a human to compete in writing software with AI. He also warned of a massive energy shortfall saying that we really need to get power generation up in this country and around the world to meet demand for AI data centers. We also heard from Meta's Facebook, uh Meta's Mark Zuckerberg, who also addressed the G20 on AI, saying that he thinks we're pretty early in this process, that AI is innovation, not automation. He wants to employ tools that can perform tasks for businesses and personal uses 24/7. He thinks that the cost of starting a business will drop and that will lead to more businesses being created, which will boost economic growth. He also thinks that AI is going to lead to many more jobs being created. And for that, he pointed to the amount of different skill sets and people that meta is specifically looking to to build their data centers. Josh. 02:10 Josh All right, great stuff as always. Thank you, Jen. View Comments
The Labor Market Is Getting Harder for Americans Who Want to Leave Their Job
A now hiring sign is posted in the window of a Chipotle restaurant on June 05, 2026 in Los Angeles, California. Credit: Justin Sullivan / Getty Images Key Takeaways Job openings rose slightly in July, but hiring slowed down nearly to COVID-era levels. Employers have avoided mass layoffs but have also shied away from expanding payrolls amid high interest rates and uncertainty stemming from the war in Iran. Economists see the job market staying stuck in a low-hiring, low-firing limbo. The job market in July could be described as "stable" or perhaps "stagnant" depending on whether you're trying to hold on to a job, get hired, or fill a position. Economists have called today's job market a "low-hire, low-fire" environment. You could add "low quit" and "low job openings," according to a report Tuesday from the Bureau of Labor Statistics. The number of job openings edged up in July but stayed at 7.3 million, the same as June's downwardly revised figure, after rounding. Hiring, layoffs, and quitting all declined and stayed near low levels by historic standards. What This Means For The Economy The low layoff rate could give the Federal Reserve the green light to raise interest rates without fear of stoking unemployment. The data added more evidence that the labor market is staying resilient against economic shocks such as tariffs and the Iran war, with mass layoffs nowhere to be seen. However, employers are becoming even more reluctant to expand their payrolls. "The encouraging uptick in hiring in the spring is over," Heather Long, chief economist at Navy Federal Credit Union, wrote in a commentary. "Companies are growing cautious as the war in Iran drags on and borrowing costs have spiked." The slowdown was especially evident in the hiring rate—the number of hires as a percentage of the total workforce—which fell to 3.2% from 3.4% in June. That's just a notch above the 3.1% it hit last February. On the bright side for workers, the layoff rate edged down. However, the quitting rate also ticked down, suggesting workers are finding few opportunities to leave their current jobs for better pay. Despite the drop-off in hiring, the lack of layoffs could give the Federal Reserve a green light to focus on the inflation half of its dual mandate to keep unemployment low and prices stable. That could clear the way for the central bank to raise its benchmark interest rate at some point this year, possibly as soon as its next meeting in September. "Overall, the data point to a stable but low-mobility labor market, giving the Fed reason to focus solely on inflation," Priscilla Thiagamoorthy, senior economist at BMO Capital Markets, wrote in a commentary. Read the original article on Investopedia View Comments
Fed Governor Barr says he'll support rate hike if inflation doesn't ease
Federal Reserve Governor Michael Barr said Tuesday he would be prepared to support an interest rate hike if inflation doesn't ease. Speaking at a banking forum in Washington, the policymaker said he's concerned about "broader price pressures taking hold" as inflation has remained stuck above the Fed's 2% target for nearly 5½ years. "If trends in the data give me some confidence that inflation is moderating on a path to 2%, then I think we can take a bit more time to assess our policy stance," Barr said in prepared remarks. "However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates." The comments come at a critical time for policy and the broader backdrop of elevated inflation and rising Treasury yields. As a governor, Barr is a permanent voting member on the rate-setting Federal Open Market Committee. Amid fresh worries over the precarious Middle East situation, yields jumped again Tuesday, with the benchmark 10-year note at a level not seen since mid-January 2025. At the same time, Fed Chairman Kevin Warsh last week delivered remarks that markets widely interpreted as titled toward a rate hike, possibly as soon as the next policy meeting in two weeks. Barr supported the July decision to keep the benchmark funds rate targeted between 3.5%-3.75%, but markets Tuesday morning were pricing in about a 66% chance of an increase this month, according to the CME Group's FedWatch. Barr gave the economy good marks even with elevated inflation. "Consumer spending to date has been largely resilient," he said. "But inflation remains too high — and has been for over five years," he said. The most recent inflation readings showed headline prices up 3.7% over the past year, or 3.3% excluding food and energy. The Fed will get one more look at inflation data when the consumer and producer price indexes are released next week. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Nvidia, Robinhood, Novartis & more
Check out the companies making the biggest moves premarket: Chipmakers — The group fell to start the new month of trading as Treasury yields rose to pressure the broader market. The VanEck Semiconductor ETF (SMH) lost more than 1%. Nvidia , AMD and Micron were also down more than 1%. Energy stocks — Shares rose broadly alongside oil prices, as tensions in the Middle East persist. The State Street Energy Select Sector SPDR ETF (XLE) climbed more than 1%. EOG Resources , Diamondback Energy and Targa Resources advanced more than 1% each. Robinhood Markets — The online brokerage gained more than 2% after a Morgan Stanley upgrade to overweight from equal weight. "HOOD's expanding platform is turning product velocity into stronger customer economics," analysts at the bank said. Novartis — Shares gained 4% on positive trial data for the company's multiple sclerosis drug. Novartis said remibrutinib "significantly" reduced relapse rates in MS patients relative to another treatments. Duolingo — The language education app rose 6% following an upgrade by Evercore ISI to outperform from in line. Evercore analysts cited strong survey data for the company.
Germany's manufacturing PMI rises to 51-month high on stronger new orders
[Flag of Germany on sky background] * Germany’s manufacturing sector continued its strong recovery in August, with the S&P Global Manufacturing PMI rising to 54.1 from 52.2 in July, marking a 51-month high. * The improvement was driven by a sharp surge in new orders, which increased for the third consecutive month and at the fastest pace since February 2022, while export sales also recorded strong growth. * "The recovery in the German manufacturing sector kicked up a gear in August, with a jump in new orders helping propel output growth to its highest since early 2022. The upturn is being led the intermediate goods sector, i.e. makers of inputs for other goods, suggesting growth is still being supported to a degree by safety stockpiling amid tight supply conditions," said [https://www.pmi.spglobal.com/Public/Home/PressRelease/3a2e157ff4cd4e21a1cecf9fa320f935] Phil Smith, Economics Associate Director at S&P Global Market Intelligence. MORE ON GERMANY * FEZ: European Shares Still Check A Lot Of Boxes For Me [https://seekingalpha.com/article/4937183-fez-european-shares-still-check-a-lot-of-boxes-for-me] * Germany retail sales slide 3.4% in July, annual decline hits fastest since 2023 [https://seekingalpha.com/news/4638555-germany-retail-sales-slide-34-in-july-annual-decline-hits-fastest-since-2023] * Germany's inflation rate rises to 2.9% in August [https://seekingalpha.com/news/4638206-germany-inflation-rate-rises-to-29-in-august] * Seeking Alpha’s Quant Rating on iShares MSCI Germany ETF [https://seekingalpha.com/symbol/EWG/ratings/quant-ratings] * Dividend scorecard for iShares MSCI Germany ETF [https://seekingalpha.com/symbol/EWG/dividends/scorecard]
Markets see Warsh endorsing a rate hike in September. Not everyone is convinced
Just a few carefully chosen words from Federal Reserve Chairman Kevin Warsh convinced markets that he was serious about inflation and ready to recommend an interest rate hike in just a few weeks. The path in that direction, though, still looks cluttered, with plenty of incentive left to convince Warsh and his fellow central bank policymakers that a move isn't necessary yet. Following Warsh's keynote speech Friday at the Fed's annual Jackson Hole, Wyoming symposium, markets flipped on rate expectations. Prior, they expected little likelihood of a rate increase until at least December; after that changed to a high probability of one when the Federal Open Market Committee meets in a little more than two weeks. However, some observers warned that hype for a hike is unjustified. "It is my belief that we've seen a supply shock, and traditionally you don't raise into a supply shock unless you see second- or third-order effects," Treasury Secretary Scott Bessent told CNBC on Monday in an interview from the G20 summit in Asheville, N.C. "And we are seeing the core inflation has remained very, very restrained." Warsh, though acknowledging that inflation numbers have been soft lately, said the progress isn't enough and does "not tell me that underlying trends have meaningfully improved." "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do," he added. Switch in expectations The sum of his remarks caused a sharp repricing in hike probabilities. Odds for a move at the Sept. 15-16 meeting jumped to 66.1% on Monday, nearly double where they were before Warsh spoke, according to the CME Group's FedWatch. But Warsh has spoken sternly on the Fed's inflation mandate before, if with less direction about what he considers the proper response. At a July news conference, he pledged the Fed "will not waver" in its pursuit of 2% inflation. Yet markets took his commitment as less than full-throated, bidding up Treasury yields and lowering the probability of a hike. Indeed, the chairman's comments Friday were "relatively uncontroversial and have been restated by Warsh each time he has spoken," Citigroup economist Andrew Hollenhorst wrote in a client note. Hollenhorst characterized Warsh's comments as more hawkish than usual "but only marginally so" and coming amid economic data that indicates no particular urgent need for tighter monetary policy. "At the July FOMC meeting there was not a consensus to raise rates," the economist predicted. "Data since that time have shown cooler inflation and softer hiring. There will not be a consensus to hike rates in September. Our expectation for cooler inflation data to continue make rate hikes unlikely this year." The Fed will have several key data points to consider before its next meeting. This week will see important jobs reports, with questions mounting over a labor market that has shown three straight weak nonfarm payrolls numbers. The following week, just before the Fed meeting, will see the consumer and producer price indexes, both of which feed into the central bank's primary inflation gauge, the personal consumption expenditures price index. The July PCE inflation reading showed the headline rate at 3.7%, with core at 3.3%. A Dallas Fed measure that strips out extremes on either end held at 2.3%, much closer to the Fed's goal. Jobs in focus There also will be several housing reports, along with retail sales figures released the day of the Fed rate decision. Of those, the most important will the employment picture, which could dissuade the Fed from hikes, said David Kelly, chief global strategist at JPMorgan Asset Management. Recent data indicates "the economy doesn't have quite as much momentum as Kevin Warsh suggested in his Jackson Hole speech," Kelly wrote in his weekly market note. "Given this, markets may have been premature in now assigning a 60% probability to a September rate hike ... While investors should be prepared for possible policy mistakes, there is little in the labor market to suggest inflationary trouble ahead," he added. Markets, though, showed confidence that the Warsh Fed is ready to move following a July meeting that saw three of 12 FOMC voters supporting a hike. Bank of America, meanwhile, is holding to its call for three increases ahead, saying Warsh's Jackson Hole speech showed markets "a more credible Fed." "For us, the key takeaway is that Warsh has raised the bar for standing pat by arguing that the Fed should focus on trends rather than 'isolated data points' and that underlying inflation hasn't 'meaningfully improved,'" Bank of America economist Aditya Bhave said in a note. "Absent a material downside surprise, the onus is now on Warsh to deliver a [September] hike," he added. "Otherwise, he risks undermining some of the credibility he gained on Friday, in our view." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: PG&E, Edison International, Apple, Howmet Aerospace, Eli Lilly & more
Check out some of the companies making the biggest moves midday: PG & E , Edison International — The old Pacific Gas & Electric tumbled 19% and Edison slumped 24% after California lawmakers blocked a proposal that would have limited the amount of money individuals could seek from utility companies whose equipment ignited wildfires. After the vote, several Wall Street analysts downgraded the stocks, with Mizuho analysts writing that investors are better-positioned in utilities that have few wildfire liability issues. Apple – The consumer tech giant slid nearly 2% after Bloomberg reported, citing people familiar, that the leader of Apple's App Store and product events would be stepping down. The executive, Phil Schiller, will remain at the company and work on unnamed initiatives, Bloomberg reported. The change in roles comes a day before John Ternus takes the helm at Apple, succeeding Tim Cook. Science Applications International - Shares rose 4% after the defense contractor increased its forecast for the year on the back of strong sales in the latest quarter. SAIC expects to earn between $10.65 and $10.75 per share after adjustments this year. Previously, it anticipated adjusted earnings of $9.90 to $10.10 per share. Revenue is expected to range from $7.2 billion to $7.3 billion, above a prior forecast of $7.0 billion to $7.2 billion. Howmet Aerospace – The manufacturer of engines for gas turbines tumbled more than 8%. SpaceX CEO Elon Musk said in a social media post that the space company would cast blades and vanes for turbines in-house to "accelerate nat gas turbines coming online by up to 18 months, which is a profound game-changer," he said. Herbalife – The retailer of nutritional supplements dropped 13%. Herbalife said CEO Stephan Gratziani will leave effective Oct. 31, with finance chief John DeSimone serving as interim CEO. Herbalife reaffirmed full-year financial guidance, calling for revenue growth in a range of 2.5% to 5.5%, versus the FactSet consensus of a 4.4% increase. Aon — The insurance broker dropped more than 7% after agreeing to buy rival USI Insurance Services from KKR for $17 billion. Aon said the merger will create "the premier U.S. middle-market platform." Energy stocks — U.S. oil prices rose more than 2% after the U.S. and Iran exchanged strikes in the Middle East for the first time since July. Energy companies gained, with Halliburton , Chevron , Exxon Mobil , Valero Energy and Occidental Petroleum all rising roughly 1%. Eli Lilly - Shares fell more than 1% after the Zepbound-maker continued an acquisition spree. Lilly plans to buy privately-held biotech company Merida Biosciences for $2.9 billion in cash. Merida's experimental biologic drugs target autoimmune diseases such as Graves' disease and thyroid eye disease and should bolster Lilly's efforts in immunology. Pinterest — Shares were off 6% after the company on Friday said CFO Julia Brau Donnelly will leave at the end of October. Vice president for finance and business operations, Vikram Naidu, was named interim financial officer. GameStop — The video game retailer jumped 3% after reporting preliminary second-quarter financial results. Net sales are expected to fall on an annual basis in the quarter, but GameStop estimates that both operating and net income will jump compared to the same period a year ago. GameStop's net income for the quarter will include about $238 million of gains related to holdings tied to eBay , partially offset by a loss of roughly $75 million on digital assets and related receivables. Deere , AGCO — The farm equipment makers rose more than 3% after a Baird upgrade to outperform from neutral . Analysts at the firm see the stocks as a means of gaining exposure to potential increased demand for agricultural equipment as farmers see wider profit margins thanks to higher crop prices. — With additional reporting by Alex Harring, Christina Cheddar-Berk, Darla Mercado and Liz Napolitano and Davis Giangiulio
Stocks making the biggest moves premarket: Chevron, PG&E, GameStop and more
Check out the companies making the biggest moves premarket: Aon — The insurance broker slipped 1.8% after it announced it will buy rival USI Insurance Services from KKR for $17 billion. Aon said the merger will create "the premier U.S. middle-market platform." Energy stocks — U.S. oil prices rose more than 3% after the U.S. and Iran exchanged strikes in the Middle East for the first time since July. Energy companies were higher in premarket trading Monday, with Halliburton up more than 2.5% and Chevron up 2%. Valero Energy and Occidental Petroleum were also up 2%, while Exxon Mobil rose more than 1.5%. PG & E — The utility company sunk 16% after California lawmakers blocked a proposal that would have limited the amount of money individuals could seek from utility companies whose equipment ignited wildfires. After the legislative result, several Wall Street analysts downgraded the stock, with Mizuho analysts writing that investors are better-positioned in utility companies that have few issues with wildfire liability. Pinterest — Shares were off more than 3% after the company on Friday revealed that CFO Julia Brau Donnelly will leave at the end of October. The company's vice president for finance and business operations, Vikram Naidu, will replace Donnelly on an interim basis. GameStop — The video game retailer jumped 4% after it reported preliminary second-quarter financial results. Net sales are expected to fall on an annual basis in the quarter, but the company estimates that both operating and net incomes will jump compared to the same period. Deere — The tractor builder rose 1% after Baird upgraded the stock to outperform from neutral . Analysts at the firm see the stock as a way to gain exposure to potential increased demand for farm equipment as farmers see growing margins thanks to higher crop prices.
Jackson Hole analyst roundup: Warsh's speech sends hike chances higher, may put Fed `at odds' with Treasury
Federal Reserve Chair Kevin Warsh's stance in his speech at the Jackson Hole meeting was unexpectedly hawkish, boosting market expectations for a rate hike next month. Gold fell and Asian stocks declined on Monday. Traders of fed funds futures see a 60.4% chance of a quarter-point hike in September, up from around 56% on Friday, according to the CME's FedWatch tool. Here's what market watchers are saying about Warsh's speech: Hawkish surprise "Chair Warsh's Jackson Hole address surprised us in its specificity about the economy and outlook and with its lean in a decidedly hawkish direction," Deutsche Bank said. The firm continues to expect the Fed to hike 50 basis points this year, with increases at the September and December Federal Open Market Committee meetings. "The emphasis on inflation risks, together with Warsh's explicit commitment to achieving price stability and his reluctance to pre-commit to future policy actions, reinforces the elevated risks of policy tightening this year, although it could also be the case of talking without action, UOB said in a note. Near-term data focus "The sensitivity to near-term inflation data is high," Nomura said in a note. "Warsh delivered hawkish remarks at the Jackson Hole economic symposium, emphasizing the importance of the inflation target and implying policy may need to react if disinflation is not occurring with speed." Reinforcing independence Warsh's assessment that U.S. economic performance has been robust "was seen as reducing the case for near-term rate cuts," according to James Ooi, market strategist at Tiger Brokers. His "emphasis on the 2% inflation target could be read as an effort to reinforce the Fed's independence and credibility, reassuring markets that monetary policy will not bend to fiscal pressures." Hike skepticism Matthew J. Maley, chief market strategist at Miller Tabak + Co. however believes that "there remains no empirical basis for the rate hike." "Warsh appears to be talking up inflation so that he can claim credit for taming it when headline measures inevitably come down," Maley said, adding that the labor market data has been weak while the inflation data has been better than expected since the last FOMC meeting. Fed vs Treasury Warsh's reiteration that short-term interest rates should remain the main instrument of monetary policy implies that he will continue to shorten the average duration of the Fed's balance sheet, Gavekal Research said in a note. "This seems to put the Fed at odds with the US Treasury, which earlier in August announced that it will step up its buybacks of long-term treasury securities in an apparent attempt to prevent yields rising further at the long end," Gavekal added. Negative for gold "Warsh pledged to return inflation to the 2% target and indicated rates could rise further, strengthening the dollar and reversing part of the debasement trade that had lifted gold roughly 14% in August—its strongest monthly gain this century," according to Susquehanna. —CNBC's Joanna Ossinger contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The Fed Chair Says AI Is Moving Faster Than Even Its Believers Predicted
Quick Read Warsh declared AI a potential fourth factor of production, which would raise the economy's non-inflationary growth ceiling and reframe every future rate decision. Token sales at the two leading AI labs hit $100 billion annualized, up 500% in 12 months, yet remain absent from official productivity data. With real wages flat year-over-year and the 10-year Treasury near 4.67%, AI's impact on discount rates remains the defining question for growth investors. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. Federal Reserve Chair Kevin Warsh used his Jackson Hole platform on August 28, 2026, to say something the central bank has resisted saying out loud. Artificial intelligence may belong alongside labor, capital, and land in the models economists use to think about growth.24/7/ Wall St. That reframing matters because the Fed sets interest rates based on assumptions about how much the economy can produce before wages and prices overheat. If those assumptions are wrong, current policy could be too tight or too loose in ways officials cannot yet see. A Fourth Factor of Production Changes the Math Warsh described the moment plainly. "Times sure have changed. We've come to a hinge point in history," he said. The claim underneath that framing is the one worth marking. He said the Fed now recognizes "AI is a new variable, potentially a new factor of production that will have consequences both for the economy and for the conduct of monetary policy." Factors of production is a phrase from introductory economics, where labor, capital, and land are the classical three. Adding a fourth item is more than rhetorical, because Fed forecasts of potential output rest on how those inputs combine. If AI genuinely joins that list, the level of activity the economy can sustain without generating inflation rises with it. A stance that looks restrictive today would look neutral tomorrow, and the framing of every future rate decision would shift. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. Warsh said these considerations will not immediately shape current policy decisions. The fed funds target upper bound has held at 3.75% since the easing cycle that ran through late 2025. What Token Sales Actually Measure Warsh anchored his case in a specific figure. "Reports put annualised token sales for the two leading labs alone at more than $100 billion, an increase of 500% from just 12 months ago," he said. Story Continues A token is the unit AI companies bill by, roughly a fragment of a word, counted whenever a model reads a prompt or writes a response. Token revenue is therefore a rough proxy for actual usage of AI products, different from data-center capital expenditure, which tracks capacity built rather than capacity consumed by paying customers. Warsh did not name the labs, and neither will this article, because the two firms most readers would guess are private companies without listed shares. A revenue jump of that magnitude in a single product line, if the reports Warsh cited are accurate, is the kind of adoption curve that would eventually show up in productivity statistics. It has not yet shown up in official Fed data, and that gap is part of his point. Why Warsh's Framing Breaks With the Post-2008 Consensus For most of the past 15 years, macro debate centered on secular stagnation. The worry was that the economy had permanently run out of profitable investments, leaving rates and growth stuck at low levels. Warsh contrasted the current moment with that older concern. Real GDP growth came in at 1.5% for the quarter ending April 1, 2026, below the 2 to 3% range the Fed's own guide identifies as healthy. Yet Core PCE, the Fed's preferred inflation gauge, stood at 130.658 in July 2026, the 91.7th percentile of its trailing year. Inflation has not fallen the way stagnation theorists predicted. The labor market shows the same in-between quality. Total nonfarm payrolls stood at 158,858 in July 2026, and average hourly earnings at $37.62, both drifting up rather than accelerating. The Fed has established an internal task force on productivity and jobs to study the implications of AI. That is a meaningful institutional signal that the framing is changing inside the building, not just at the podium. Which Question Long-Term Investors Should Track Warsh posed the central question directly. "Will the application of AI cause a significant, sustained rise in productivity across the economy? If so, when will token usage be complementary or competitive to labor?" A sustained rise in productivity would allow the economy to grow faster without forcing the Fed to raise rates, a combination that has historically supported equity valuations broadly. The complement-or-compete question is harder because both can be true in different jobs at once. Real average hourly earnings in July 2026 came in at $11.30, close to the $11.32 recorded a year earlier, which argues AI has not yet moved the aggregate wage picture. Bond markets are pricing something between hope and doubt. The 10-year Treasury yield sat at 4.67% on August 27, 2026, near the top of its trailing-year range. The useful takeaway from Warsh's remarks is that the Fed has begun treating AI as a monetary policy problem to solve rather than a technology story to observe. Long-term investors in duration-heavy assets, whether growth equities or long bonds, will find the answer in every discount rate they use, and the buildout enabling all that token growth (power, cooling, and networking suppliers we profiled in a free report on AI infrastructure) is where spending shows up first. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. Contact editorial@247wallst.com for any questions or corrections. View Comments
Stocks making the biggest moves premarket: PayPal, Affirm Holdings, Gap, Marvell Technology & more
Check out the companies making the biggest moves premarket: PayPal — Shares plunged nearly 16% for the company after Bloomberg reported Thursday night, citing people familiar with the matter, that buyout firm Advent and payment processor Stripe decided to not pursue PayPal . The deal would have been one of the largest leveraged buyouts, the sources told the outlet. Affirm — The buy now, pay later company jumped 13% after it reported $1.17 billion in revenue for the fiscal fourth quarter, topping an LSEG estimate of $1.11 billion. The company's first-quarter guidance for revenue is also above estimates. Gap – Shares popped nearly 15% after the retail company announced Michael Francis will take the helm at Old Navy, starting Nov. 2. He succeeds Haio Barbeito, who has been the CEO since 2022. Adjusted earnings for Gap in the second quarter topped estimates, coming in at 52 cents per share versus the LSEG consensus estimate of 48 cents. Elastic N.V. – Shares jumped over 17% for the data analytics company after full-year guidance topped analysts' expectations. The company sees adjusted earnings per share in a range of $3.29 to $3.37. Analysts polled by LSEG were looking for $3.24 per share in terms of guidance. Marvell Technology — Shares dropped nearly 8% after Marvell called for current quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, while analysts polled by LSEG anticipated $1.07 per share. The company also sees non-GAAP gross margin for the period in a range of 57.5% to 58.5%, versus the StreetAccount consensus call for 58.5%. Rubrik — Shares dropped over 5% for the security and AI operations company. Rubrik's non-GAAP gross margin for the second quarter came in at 81%, versus the 81.7% StreetAccount consensus estimate. The company beat on the top and bottom lines, however. Rubrik said it saw 20 cents in earnings per share, excluding items, and on $427 million in revenue for the quarter, while analysts penciled in 4 cents a share and $396 million, per LSEG. Autodesk – Shares dropped nearly 4% for the maker of 3D design software after its earnings projections failed to beat estimates. Autodesk sees adjusted earnings per share ranging from $3.04 to $3.09 in the third quarter, while analysts polled by LSEG were looking for $3.14 per share.
Stocks making the biggest moves after hours: Gap, Workday, Autodesk and more
Check out the companies making headlines in extended trading. Gap – Shares of the clothing retailer jumped about 7% after Gap announced Michael Francis will take the helm at Old Navy, starting Nov. 2. He succeeds Haio Barbeito, who has been the CEO since 2022. Adjusted earnings for Gap in the second quarter topped estimates, coming in at 52 cents per share versus the LSEG consensus estimate of 48 cents. Marvell Technology — The semiconductor stock was marginally lower despite the company beating expectations for the second quarter on both lines. Marvell earned 94 cents per share, excluding items, on $2.74 billion in revenue, while analysts surveyed by LSEG anticipated 93 cents a share and $2.71 billion, respectively. Workday — The enterprise software stock dropped 5.7% after posting a current-quarter subscription revenue outlook that only matched analyst expectations. However, Workday surpassed the estimates of analysts surveyed by LSEG for both top and bottom lines in the second quarter. Rubrik — The digital security stock tumbled 10% despite beating analyst expectations for the second quarter and hiking its guidance. Rubrik said it saw 20 cents in earnings per share, excluding items, and on $427 million in revenue for the quarter, while analysts penciled in 4 cents a share and $396 million, per LSEG. Autodesk – The maker of 3D design software slid 6% after its earnings projections disappointed Wall Street. Autodesk sees adjusted earnings ranging from $3.04 to $3.09 per share in the third quarter, while analysts polled by LSEG were looking for $3.14 per share. Full-year adjusted earnings guidance was $12.52 to $12.60 per share, compared to the $12.60 anticipated. Elastic N.V. – The data analytics company saw shares surge 15% after full-year guidance topped analysts' expectations. The company sees adjusted earnings in a range of $3.29 to $3.37 per share, on revenue of $1.998 billion to $2.010 billion. Analysts polled by LSEG were looking for $3.24 per share and $1.99 billion. First-quarter adjusted earnings, revenue and operating income also surpassed estimates. SentinelOne — The cybersecurity stock shed almost 7% after the company issued a weak outlook for current-quarter and full-year earnings per share. That overshadowed a stronger-than-expected report on both lines for the second quarter. — CNBC's Darla Mercado contributed reporting
Fed Chairman Kevin Warsh delivers his key Jackson Hole speech Friday. Here's what to expect
The Federal Reserve's cryptic chairman is set to deliver his much-awaited keynote address Friday in Jackson Hole, with markets trying to anticipate what, if anything, he will have to say on key matters affecting the economy and monetary policy. Kevin Warsh will speak during the Fed's annual symposium in Wyoming, an event this year that is titled "Financial Innovation: Implications for Payments and Policy." Prior Fed chairs have used the speech as an opportunity to discuss broad policy frameworks and intentions on where they see policy and interest rates headed, beyond the main focus of the conference. But given his approach so far since taking the reins in May, a time during which Warsh has placed a far greater emphasis on market direction than cues from the Fed, it's hard to know what to expect. "People keep asking me what I'm expecting, and I'm not really expecting much of anything. I think it's hard to predict what he's going to say," said Luke Tilley, chief economist at M&T Bank and Wilmington Trust Investment Advisors. "If I had to guess, I would say that he's going to give a very high-level, broad look at the work of the task forces and how he thinks the Fed should operate, as opposed to a nuts-and-bolts assessment of the economy and expectations for policy." Warsh has set up five task forces aimed at taking what he calls a "first principles" look at Fed functions. Among their tasks are an assessment of how policymakers view inflation, the balance sheet, the data points that influence decisions, communication strategies and communications. On the final point, Warsh has taken a unique approach compared to his recent predecessors: Rather than seeking to steer reaction through carefully placed signals, he has preferred a more hands-off approach that lets markets interpret data and send signals to the Fed. It's a strategy that has met with mixed reviews so far and could generate adverse reaction. Looking for more information "I would appreciate some more detail on how he personally thinks inflation happens, or how he personally thinks monetary policy affects inflation, either in timing or through which channels," Tilley said. "That doesn't even have to address the reaction function. It's just the basic plumbing of financial markets and monetary policy, because there are a lot of channels." With rising Treasury yields heavily in focus, that makes the stakes particularly high for Friday's speech. "We have the most unusual Jackson Hole monetary symposium in recent memory on deck because of Warsh's unforced errors early in his tenure," said Joseph Brusuelas, chief economist at RSM. "The market has now bid this up to be something that I think the Federal Reserve would rather it not be." There's more at stake, though, than market reaction. Coinciding with the rise in yields, Treasury Secretary Scott Bessent announced an initiative last week in which the department will double the size of its buybacks on off-the-run, or already issued, debt offerings. Treasury usually buys back $2 billion per weekly operation, but will "at least" double that when the next round begins Sept. 9. While that's a relatively small chunk of the massive U.S. debt load, the move still sets up a possibly uncomfortable scenario for Warsh. Market interventions from fiscal and monetary authorities seem to contradict Warsh's stated intentions so far. "We're in a unique set of conditions here, where actions by the Treasury have undermined Warsh's move. Therefore, the Fed chair is in between a rock and a hard place," Brusuelas said. Market impacts One common complaint about Warsh thus far is his reluctance not only to provide so-called forward guidance on where he thinks the Fed is headed but also neglecting to delineate the "reaction function," or the conditions that would warrant a move in either direction. Failing to do so again could have significant market consequences, said Mark Cabana, head of U.S. rates strategy at Bank of America. "In short, we expect Warsh to signal that he is prepared to raise rates again if inflation does not continue to moderate," Cabana said in a client note earlier this week. "By contrast, if he uses the speech to focus solely on broader structural themes such as productivity or demographics, we worry markets could interpret the message as dovish." In such a case, Cabana said he would expect a sell-off in long-dated Treasurys that could send the 30-year yield to 5.5% or higher, which would be more than 0.3 percentage point from the current level to highs not seen since at least the early part of the 21st century. Specificity, then, could be Warsh's friend as he prepares to deliver the most important remarks of his tenure so far. "Warsh is not going to be able to engage in cryptic discourse," Brusuelas said. "He's going to need to be a little bit more forthright and clear on what he means." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: Nvidia, Okta, Hormel, Veeva, HP, Celsius, Best Buy & more
Check out some of the companies making the biggest moves midday: Nvidia — The leading artificial intelligence and infrastructure company surged 9% after second-quarter revenue and earnings beat expectations . Nvidia said Wednesday that revenue in the latest quarter more than doubled. Nvidia earned $2.22 per share after adjustments on $96.22 billion in revenue against analyst consensus estimates of $2.10 per share and $92.17 billion in revenue, according to LSEG. The company expects revenue to rise to $108 billion in the third quarter, higher than expected. Veeva Systems – The cloud company with a focus on life sciences jumped 16%. Veeva second-quarter revenue and earnings topped analysts' estimates, as did upbeat guidance for the current quarter and full year. The company anticipates adjusted earnings of $2.33 to $2.34 per share on revenue of $932 million to $935 million in the third quarter, versus the FactSet consensus call for $2.28 per share and $918.1 million. HP — The PC maker dropped 4% despite beating posting fiscal third-quarter revenue that beat the Street, and full-year earnings guidance that was also above expectations. Wall Street analysts expressed misgivings due to expanding memory chip costs, questions over demand as product prices rise and continued pressure on profit margins, StreetAccount said. Moderna — The vaccine maker tumbled 4% after proposing a private placement sale of $2 billion in convertible senior notes . Celsius Holdings — The energy drink maker fell almost 6% after Deutsche Bank downgraded Celsius to hold from buy, saying "fundamental challenges have continued to mount." Analysts said that, "rather than stabilizing as expected, core Celsius trends further weakened through 2Q26, revenue and profitability missed expectations [and] management pushed out the timing of a meaningful recovery to FY27." Dollar General — The discount retailer jumped 5% after raising full-year earnings guidance. The company now sees profit between $7.80 and $8 per share, up from a previous range of $7.20 to $7.45 per share. Dollar General also said it "intends to repurchase shares under its existing share repurchase program in the second half of the fiscal year ending January 29, 2027." Dollar Tree — Chesapeake, Virginia-based Dollar Tree dropped more than 2%, but remains about 33% higher over the past three months. Second-quarter earnings largely beat expectations, but third-quarter guidance was disappointing and management mentioned growing pressure on profit margins in the second half, StreetAccount said. Burlington Stores — The New Jersey-based retail chain slid 6%. Second-quarter total sales and same-store sales lagged expectations, and Burlington guided third-quarter earnings per share and same-store sales below Wall Street estimates, according to StreetAccount. Best Buy — The electronics retailer fell 4% after second-quarter earnings and revenue topped Wall Street estimates and it raised fiscal 2027 revenue, earnings and same-store sales guidance, according to FactSet's StreetAccount service, which said analysts were cautious on the outlook because of little changed profit margins excluding the effect of tariff refunds. Even after the Thursday decline, Best Buy shares are almost 30% higher over the past three months. Wendy's — The burger chain fell 13% after Reuters reported that Nelson Peltz's Trian Fund Management doesn't plan to buy the company because of concerns about Wendy's strategic direction . Peltz was previously planning a bid to take the company private earlier this month, according to the Financial Times. Salesforce — The maker of customer relations management software soared 21% after second-quarter results beat analyst expectations. Adjusted earnings of $5.90 per share beat an LSEG estimate of $3.27 per share. Okta – Shares increased by more than 27% after Okta's second-quarter results exceeded analyst expectations. Okta reported adjusted earnings of $1.05 per share on revenue of $805 million for the quarter, above the 97 cents per share and $795 million in revenue that analysts surveyed by LSEG had expected. Okta also raised earnings and revenue guidance for the full year. CrowdStrike — Shares increased almost 19% after the global cybersecurity company's second-quarter results beat the Street consensus on revenue and earnings per share. Full-year earnings guidance also topped estimates. Hormel Foods – The maker of Corn Nuts snacks and Hormel Chili tumbled 9%. Full-year guidance failed to impress the Street, with Hormel calling for earnings of $1.45 to $1.51 per share, excluding items, on revenue of $12.1 billion to $12.2 billion. Analysts polled by FactSet estimated $1.50 per share on $12.24 billion. Everpure — The data management and storage company slid 7%. Fiscal second-quarter results showed a non-GAAP gross margin of 69.9% against Street estimates of 70.7%, and negative cash from operations and free cash flow compared with both consensus analyst forecasts and year-ago numbers, StreetAccount said. — CNBC's Darla Mercado, Fred Imbert, Sean Conlon, Alex Harring and Davis Giangiulio contributed reporting
Kansas City Fed's Schmid says inflation 'stubborn' and 'sticky,' policy rate not restrictive
Kansas City Federal Reserve President Jeffrey Schmid said Thursday that inflation is still too high, though he stopped short of calling for an interest rate hike. Speaking from the central bank's annual symposium in Jackson Hole, Wyo. that the Kansas City Fed hosts, Schmid said in a CNBC interview that inflation has proven resilient. "It's still stubborn and it's still sticky, and we're we've got to continue to find ways to break through," he said on "Squawk Box." "We're going to have our work cut out for us as we move into the [Federal Open Market Committee] cycle." The comments came the day after the Commerce Department reported that the Fed's primary inflation gauge showed core prices, which exclude food and energy, rose 3.3% from a year ago, well above the central bank's 2% target. Coupled with an economy that grew at 1.5% in the second quarter and an unemployment rate sitting at 4.1%, Schmid said it's not clear that the Fed's current policy rate target of 3.5%-3.75% is restrictive. "I don't know what we're restricting currently with the rate policy that we're at today," he said. "I do know moving the rate does change behaviors in the market in a macro level market." Schmid does not vote this year on the FOMC, though he still gets to express his views at meetings. When he was a voter last year, he twice dissented against rate cuts. However, he said he is not sure whether he would support a rate increase now. "I think we need a little bit more information. What I'm trying to figure out is the demand side of what's driving both growth and inflation," Schmid said. Separately, Schmid said he sees "some room" to consider an idea that Chairman Kevin Warsh raised in July to reduce the number of FOMC meetings per year to six from the current eight. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Nvidia, HP, Salesforce, Dollar General, Everpure & more
Check out the companies making the biggest moves premarket: Nvidia — Shares for the artificial intelligence and infrastructure company rose over 7% in premarket trading after beating expectations on both lines in the second quarter and reporting that revenue more than doubled on Wednesday. Nvidia earned $2.22 per share after adjustments and $96.22 billion in revenue against analyst consensus estimates of $2.10 per share and $92.17 billion in revenue, according to LSEG. The company expects revenue to rise to $108 billion in the third quarter, also higher than expected. Dollar General — The discount retailer jumped 12% after raising its full-year earnings guidance. The company now sees profit between $7.80 and $8 per share, up from a previous range of $7.20 to $7.45 per share. Dollar General also said it "intends to repurchase shares under its existing share repurchase program in the second half of the fiscal year ending January 29, 2027." HP — The PC maker dropped nearly 11% despite beating posting fiscal third-quarter results that beat the Street. Its full-year earnings guidance was also above expectations. Salesforce — The software giant jumped nearly 12% after reporting second-quarter results that beat analyst expectations. Adjusted earnings of $5.90 per share beat an LSEG estimate of $3.27 per share. Okta – Shares increased by over 19% after the company's second-quarter results exceeded analyst expectations on Wednesday. Okta reported adjusted earnings of $1.05 per share on revenue of $805 million for the quarter. That's above the 97 cents in earnings per share and $795 million in revenue that analysts surveyed by LSEG had expected. The company also raised its earnings and revenue guidance for the full year. CrowdStrike — Shares increased nearly 10% after the global cybersecurity company's second-quarter results beat consensus on revenue and earnings per share. Full-year earnings guidance also topped estimates. Everpure — The data management and storage company went up nearly 3% after Bank of America upgraded the company to buy from neutral. Analysts cited multiple reasons for the upgrade, including confidence that estimate revisions will be positive and noting the company's revenue will grow because of its internal hyperscaler use. Abercrombie & Fitch — Shares fell 1.4% after Citi downgraded the retailer to neutral from buy, saying there isn't much upside left after a monster run for the stock. The apparel name is up 35% earlier this week after it beat on second-quarter estimates and raised its full-year outlook. — CNBC's Scott Schnipper, Sean Conlon, Alex Harring and Davis Giangiulio contributed reporting
Inflation jumps for first time in five months
Rachel Reeves increased taxes by £30bn in her second Budget as chancellor - Fabrice COFFRINI / AFP via Getty Images Inflation jumped for the first time in five months in the wake of fresh tax rises announced by Rachel Reeves. The consumer prices index (CPI) rose from 3.2pc in November to 3.4pc in December, according to the Office for National Statistics (ONS). Analysts had forecast a rise to 3.3pc. ONS chief economist Grant Fitzner said: "Inflation ticked up a little in December, driven partly by higher tobacco prices, following recently introduced excise duty increases." Businesses have warned they have been forced to pass on rising costs to consumers in the wake of the Chancellor's tax rises. She raised the employer National Insurance contributions and the minimum wage last April and the minimum wage will rise again from April by 4.1pc to £12.71 per hour. Many companies have also complained about rising business rates, with around 520 pubs closing for good in the 18 months since Labour came to power. The Chancellor put up taxes by £40bn in her first Budget and by another £30bn in her second major fiscal event in November. Sir Mel Stride, the shadow chancellor, said: "Labour's economic mismanagement is driving up inflation, squeezing living standards, and hurting the most vulnerable." Ms Reeves said her "number one focus is to cut the cost of living". She said: "At the budget I announced £150 off energy bills, a freeze to rail fares for the first time in 30 years, a freeze to prescription charges for the second year running, and an increase to the national minimum and living wage. "Money off bills and into the pockets of working people is my choice. There's more to do, but this is the year that Britain turns a corner." 09:40am Inflation to 'drop to 2pc by summer' The latest jump in CPI "does not derail" the overall trend of falling inflation, an economist has said. Andrew Wishart, an economist at Berenberg, admitted that a February interest rate cut by the Bank of England was "out of the question" but said he thinks borrowing costs could be lowered at the following meeting in March. He said: "With wage growth decelerating swiftly and productivity increasing there will be far less severe cost push inflation in 2026 than companies experienced in 2025. "We still expect CPI inflation to drop to 2pc by the summer, with most of the decrease coming in April as large administered price increases in April 2025 are not repeated and the government's household energy bill subsidy kicks in. "Until then CPI inflation will hover close to 3pc." 09:14am Inflation to 'return to 2pc target in spring' Yael Selfin, chief economist at KPMG UK, said the "outlook remains positive" despite the latest jump in inflation. Story Continues She said: "Today's data likely closes the door on a February interest rate cut by the Bank of England but rate cuts later in the year are still expected. "Despite services inflation increasing in December, this was not reflective of domestically generated price pressures and was largely driven by volatile categories, such as airfares. "The MPC will likely look through it, particularly with wage growth continuing to slow, which should see services inflation ease over the coming months." She added that she expects inflation "to return to the Bank of England's target in the spring". 08:54am Pound steady after inflation blow The pound was little changed even after UK inflation picked up more than expected in December. Traders are increasing bets that policymakers will lower borrowing costs later this year despite the latest rise in inflation from 3.2pc to 3.4pc. Underlying inflation held firm and economists at Deutsche Bank predicted Britain will enjoy the biggest fall in CPI in the G7 this year. Traders are betting there is nearly a 90pc chance that policymakers will lower borrowing costs in April, with an 83pc chance of another cut by the end of this year. Sterling was flat against the dollar at $1.344 and was steady against the euro at €1.148. 08:19am Jump in inflation 'temporary' Thomas Pugh, chief economist at RSM UK, said the latest rise in inflation was a "temporary" bounce, with "big falls ahead". He said: "Inflation should take a step down to 3oc in January, before dropping to around 2pc in the second quarter as positive base effects feed in and policy measures announced in the last budget to lower energy prices take effect. "However, given almost all the survey measures of prices suggest disinflation has slowed, the Bank of England will be cautious this year, even as headline inflation drops. That means the cut we expect in April may well be the last one this year." 08:05am UK stocks edge lower after inflation blow The FTSE 100 inched lower at the start of trading as inflation rose for the first time in five months in Britain. The UK's flagship stock index and the mid-cap FTSE 250 both declined by just under 0.1pc to 10,123.20 and 22,942.83, respectively. 07:56am UK inflation to fall at fastest pace in G7, says bank The UK will see the biggest fall in inflation of any G7 country in 2026, Deutsche Bank predicts, despite prices rising in December. Chief UK economist Sanjay Raja said that the latest inflation imprint suggests there is light at the end of the tunnel, even as inflation rose by more than expected. Mr Raja said: "The fly in the ointment was slightly stronger food and energy prices. This, we think, will fade over time as retail prices catch down to slowing momentum in wholesale prices. "Looking ahead, the path is clear. Inflation will take a big step down in January, pushing to near 3pc year on year. And by spring, we expect the Bank of England's 2pc inflation target to be in sight. "In fact, we think the UK will see the biggest fall in headline inflation of any G7 country this year – moving from 3.4pc in 2025 to 2.3pc in 2026." 07:49am Economists warn rising inflation is 'genuine' The Bank of England will remain "cautious" as Britain's underlying inflation "remains sticky", economists have warned after the latest jump in consumer price rises. Pantheon Macroeconomics said the latest acceleration in inflation "looks mostly genuine rather than noise", predicting that it would end the year at 2.8pc. Chief UK economist Rob Wood said: "Headline inflation will drop in the coming months, but underlying pressure remains sticky in our view." He added: "Looking ahead, we expect CPI inflation to slow in January but remain at or above 3pc until a sharp drop in April, when the Chancellor's utility bill cut kicks in. "We think inflation will reach a low of 2.1pc in July before rising in the second half of the year, as administered price hikes once again add to inflation. "A new vape tax, matching tobacco duty hike and the tobacco duty escalator should add about 0.2pp to inflation between September and November. "Petrol duty hikes will also kick-in from September, oil price base effects boost inflation and university tuition fees will be indexed to inflation. All told, with underlying pressure slowing only gradually, we expect headline inflation to end the year at 2.8pc." 07:35am Tories: Labour mismanagement driving up inflation Sir Mel Stride, the shadow chancellor, said: "Labour's economic mismanagement is driving up inflation, squeezing living standards, and hurting the most vulnerable. "A record tax burden, reckless borrowing and constant U-turns show a government without a plan. "Only the Conservatives offer serious leadership and a clear strategy to stabilise the finances and grow the economy." 07:33am Inflation jumps further than expected in blow to Reeves Inflation grew by more than expected in the year to December, in a blow to Rachel Reeves. Figures from the Office for National Statistics show it edged up to 3.4pc from 3.2pc the previous month, fuelled by tobacco duty, airfares and food prices. The jump is pulling the UK's inflation rate further above rivals, with countries like Germany and France experiencing much lower average price rises at 2pc and 0.7pc. The latest rise in inflation muddies the waters for policymakers at the Bank of England, considering whether to cut interest rates further from 3.75pc. It comes after surprisingly strong growth in November weighing against a rate cut, while new data shows the job market is stabilising but showing big cracks. Traders are betting borrowers must wait until April for the next rate cut. However, families will be feeling hard-pressed with prices rising, while the job market is sluggish and redundancies elevated. Suren Thiru from ICAEW said: "Though rising services inflation is a warning sign that underlying price pressures remain stubbornly sticky, the intensifying downward pressure from weaker wage growth and rising unemployment should help put it on a more consistent downward path." 07:30am Underlying inflation holds steady In more reassuring news for the Chancellor, underlying levels of inflation held firm during December. So-called core inflation, which strips out volatile food and energy prices, was unchanged at 3.2pc last month. Analysts had expected it to rise to 3.3pc. Services inflation, which is closely watched by the Bank of England when setting interest rates, rose from 4.4pc to 4.5pc but this was less than the jump to 4.6pc that had been expected by analysts. 07:19am Reeves: Cost of living is number one focus Chancellor Rachel Reeves, said her "number one focus is to cut the cost of living" after the latest jump in inflation. She said: "At the budget I announced £150 off energy bills, a freeze to rail fares for the first time in 30 years, a freeze to prescription charges for the second year running, and an increase to the national minimum and living wage. "Money off bills and into the pockets of working people is my choice. There's more to do, but this is the year that Britain turns a corner." 07:15am Tobacco tax rises push up inflation Higher tobacco prices were the main driver of higher inflation as fresh increases in excise duty came into force. ONS chief economist Grant Fitzner said: "Inflation ticked up a little in December, driven partly by higher tobacco prices, following recently introduced-excise duty increases. "Airfares also contributed to the increase with prices rising more than a year ago, likely because of the timing of return flights over the Christmas and New Year period. "Rising food costs, particularly for bread and cereals, were also an upward driver. "These were partially offset by a fall in rents inflation and lower prices for a range of recreational and cultural purchases. "The annual increase in the prices for goods leaving factories was unchanged this month while the increase in the cost of raw materials for business slowed, driven by lower crude oil prices." 07:06am Good morning Thanks for joining me. Inflation jumped from 3.2pc to 3.4pc in December in a blow to the Chancellor. Here is what you need to know. 5 things to start your day 1) Solar panels on all new homes under Miliband shake-up | The Energy Secretary launched a £15bn green energy plan to fit solar panels, heat pumps, insulation and double glazing to five million homes for people on low incomes 2) Trump gatecrashes Davos's cosy cocktail club | Donald Trump is gunning for change ahead of his arrival at the World Economic Forum's annual meeting, where tariffs and geopolitical threats have ruffled feathers 3) Private schools rake in £2bn of taxpayer cash from special needs crisis | A new report revealed that taxpayer spending on private school places for children with special educational needs and disabilities had almost doubled since 2019 4) Uber abandons pledge to hit Labour's electric car target | Its CEO warned that its goal to switch to an all-electric fleet in major UK, US and other European cities by 2030 was "just not going to happen" 5) Boeing is back on top – thanks to Trump | Boeing sold more planes than Airbus in 2025, reclaiming the crown from its arch rival after six years What happened overnight Asian stocks extended their losing streak amid US threats to acquire Greenland ahead of Donald Trump's speech in Davos. Markets were gripped by the so-called "Sell America" trade that emerged after last year's "liberation day" tariff announcements in April. Wall Street tumbled over 2pc overnight and the US dollar suffered its biggest fall in over a month. That sent investors fleeing to the safety of gold, which surged 2.1pc to a new record of $4,865 an ounce. All eyes are now on the World Economic Forum in Davos where president Trump is due to deliver a keenly awaited speech later in the global day, which could calm or inflame tensions with Europe. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5pc. Japan's Nikkei skidded 0.5pc, down for the fifth straight day. Chinese shares outperformed the region, with the blue-chip index gaining 0.5pc. However, the global bond market was still reeling from a brutal sell-off, having been caught up in a perfect storm of worries over exposure to US assets and a surge in Japanese government borrowing costs. Fears over increased government spending under Japanese prime minister Sanae Takaichi sent bond yields there skyrocketing to record highs, drawing criticism from the opposition. On Wednesday, Japan government bonds rallied as buyers returned with prices at suppressed levels. The 40-year Japanese government bond yields fell 11 basis points to 4.1pc, having surged 26 basis points a day earlier. U.S. Treasury yields also retreated. The benchmark 10-year yield slipped two basis points to 4.28pc, after jumping seven basis points overnight to a five-month high of 4.31pc. Try full access to The Telegraph free today. Unlock their award-winning website and essential news app, plus useful tools and expert guides for your money, health and holidays. View Comments
Stocks making the biggest moves after hours: Nvidia, Salesforce, CrowdStrike, Urban Outfitters and more
Check out the companies making headlines in after-hour trading. Nvidia — The artificial intelligence darling rose 4% after beating expectations on both lines in the second quarter and reporting that revenue more than doubled. Nvidia earned $2.22 per share after adjustments and $96.22 billion in revenue against analyst consensus estimates of $2.10 per share and $92.17 billion in revenue, according to LSEG. The company expects revenue to rise to $108 billion in the third quarter, also higher than expected. Salesforce — The maker of customer relationship management software soared 12% postmarket after reporting second-quarter revenue of $11.35 billion versus a consensus estimate among analysts of $11.32 billion, according to LSEG data. Earnings more than doubled from a year ago on an adjusted basis to $5.90 per share due to an investment gain. Salesforce would add 160 points to the Dow Jones Industrial Average on Thursday if the stock's current gain holds. Okta – Shares surged 19% after the company's second-quarter results exceeded analyst expectations. Okta reported adjusted earnings of $1.05 per share on revenue of $805 million for the quarter. That's above the 97 cents in earnings per share and $795 million in revenue that analysts surveyed by LSEG had expected. The company also raised its earnings and revenue guidance for the full year. Agilent Technologies — The medical technology stock jumped 4% on a stronger-than-expected revenue report for its third quarter. Agilent said it brought in $1.88 billion in revenue, while analysts polled by FactSet forecast $1.84 billion, per FactSet. CrowdStrike Holdings — Shares increased 10% after the global cybersecurity company beat consensus on revenue and earnings per share. For the third-quarter guidance, the company's earnings per share is in line with expectations while revenue projections are higher. Everpure — The storage provider's stock rose about 2% after surpassing Wall Street's second-quarter outlook. Everpure earned 70 cents a shares, excluding items, on $1.19 billion, compared with FactSet analyst estimates of 58 cents per share and $1.1 billion, respectively. Veeva Systems — The cloud solutions stock jumped 8% on a better-than-predicted second quarter when looking at both lines on a non-GAAP basis. Veeva also shared higher guidance than the Street penciled in for the current quarter and full year. Urban Outfitters — The retailer tumbled 3% despite reporting earnings and revenue in-line with consensus estimates for the second quarter, according to FactSet. The company's adjusted earnings of $1.72 per share excluded one-time benefits from tariff refunds. Synopsys — The engineering solutions stock fell 2% despite raising its annual revenue and profit forecasts. The company expects revenue to be in the range of $9.69 billion to $9.74 billion. Earnings are expected to range between $15.04 and $15.10 per share after adjustments. — CNBC's Scott Schnipper, Sean Conlon, Davis Giangiulio and Ananya Chetia contributed reporting
Wells Fargo stays optimistic on the U.S. economy despite softer data
[Wall Street New York stock exchange stock market] alexsl Wells Fargo’s Investment Institute continues to view the U.S. economy with measured optimism, emphasizing that recent softer data should prompt perspective rather than concern. The firm sees the broader backdrop as still supportive of ongoing expansion and corporate earnings growth. While consumer spending is expected to moderate in the second half of the year as temporary tailwinds fade and lower-income households face tighter budgets, the institute stresses this represents a slowdown rather than a sharp contraction. Stability in the labor market remains a key pillar, helping to underpin overall activity. Additional support is expected from sustained spending by higher-income households, which continue to benefit from wealth gains, alongside the ongoing boom in artificial intelligence-related investment. These factors, according to the institute, should help keep economic growth on track. In summary, Wells Fargo’s Investment Institute believes the combination of labor-market resilience, upper-income consumption, and AI-driven capital spending will sustain the expansion. This constructive outlook also points to potential further gains in the stock market as corporate earnings remain supported by the underlying economic trajectory. MARKET TRACKING FUNDS: (DIA [https://seekingalpha.com/symbol/DIA]), (DDM [https://seekingalpha.com/symbol/DDM]), (UDOW [https://seekingalpha.com/symbol/UDOW]), (DOG [https://seekingalpha.com/symbol/DOG]), (DXD [https://seekingalpha.com/symbol/DXD]), (SDOW [https://seekingalpha.com/symbol/SDOW]), (SPY [https://seekingalpha.com/symbol/SPY]), (VOO [https://seekingalpha.com/symbol/VOO]), (IVV [https://seekingalpha.com/symbol/IVV]), (RSP [https://seekingalpha.com/symbol/RSP]), (SSO [https://seekingalpha.com/symbol/SSO]), (UPRO [https://seekingalpha.com/symbol/UPRO]), (SH [https://seekingalpha.com/symbol/SH]), (SDS [https://seekingalpha.com/symbol/SDS]), (SPXU [https://seekingalpha.com/symbol/SPXU]), (FXAIX [https://seekingalpha.com/symbol/FXAIX]), (VFIAX [https://seekingalpha.com/symbol/VFIAX]), (VFFSX [https://seekingalpha.com/symbol/VFFSX]), (SWPPX [https://seekingalpha.com/symbol/SWPPX]), (QQQ [https://seekingalpha.com/symbol/QQQ]), (QQQM [https://seekingalpha.com/symbol/QQQM]), (SQQQ [https://seekingalpha.com/symbol/SQQQ]), (TQQQ [https://seekingalpha.com/symbol/TQQQ]), (QLD [https://seekingalpha.com/symbol/QLD]), and (QID [https://seekingalpha.com/symbol/QID]). MORE ON MARKETS * Bitcoin consolidates above $75K with a historic cycle clock ticking closer [https://seekingalpha.com/news/4637071-bitcoin-consolidates-above-75k-with-a-historic-cycle-clock-ticking-closer] * Gold enters overbought zone as it rallies up to $4,750/oz [https://seekingalpha.com/news/4637089-gold-enters-overbought-zone-as-it-rallies-up-to-4750oz] * U.S. debt hits $40T, but some traders are eyeing $50T by the end of Trump's term [https://seekingalpha.com/news/4636697-us-debt-hits-40t-but-some-traders-are-eyeing-50t-by-end-of-trumps-term] * S&P 100 leads the breadth race: 78% of stocks are above 200-DMA [https://seekingalpha.com/news/4636618-s-and-p-100-leads-the-breadth-race-78-percent-of-stocks-are-above-200-dma] * Jackson Hole Preview: Warsh And Bessent Collide [https://seekingalpha.com/article/4939754-jackson-hole-preview-warsh-and-bessent-collide]
Stocks making the biggest moves midday: Meta, Abercrombie & Fitch, Zoom, Intuit & more
Check out some of the companies making the biggest moves in midday trading. Abercrombie & Fitch — The teen apparel retailer retailer's stock soared 37% after it trounced fiscal second-quarter estimates and raised its full year outlook. The company earned $2.42 per share on an adjusted basis, while revenue grew 5% to $1.27 billion. Results were helped by tariff refunds and stronger growth at its Abercrombie unit. Intuit — The financial technology platform fell 4% after offering disappointing fiscal year 2027 guidance. Intuit expects revenue of between $23.3 billion and $23.5 billion in the fiscal year, which starts in the current quarter, compared with analysts' estimate of $23.7 billion, according to FactSet. Earnings and revenue for the company's fiscal fourth-quarter beat estimates. Software stocks — Intuit's forecast pressured several software stocks. ServiceNow and Workday were both down about 2%, while Salesforce fell 1%. Meta Platforms — The Instagram and Facebook owner jumped 3% after the company and state attorneys general reached a settlement in a case that claimed Meta deliberately made its applications addictive for teenagers. A trial in the case began last week in California. Zoom Communications — Shares fell 7% after its third-quarter forecast fell short of analyst expectations. For the third quarter, Zoom expects earnings per share to range from $1.46 to $1.48, short of the FactSet estimate of $1.50 a share. Kohl's — The retailer rose 2% after Kohl's raised its full-year outlook, boosted partially by $150 million in tariff refunds received in the second quarter. Kohl's also said it was restarting share buybacks of up to $100 million in 2026. J.M. Smucker — The maker of Café Bustelo and Uncrustables sandwiches climbed 3% after posting fiscal first-quarter results. Revenue of $2.22 billion topped an LSEG consensus of $2.13 billion. Smucker also reported adjusted earnings per share of $3.24, though it wasn't clear if that was comparable to a $2.22 estimate. SolarEdge Technologies — The stock jumped nearly 8% after an upgrade by UBS to buy . Analysts at the bank said a new policy by the Federal Communications Commission will lead to market share gains and increased pricing power for the company. Semtech — The chipmaker jumped more than 8% after second-quarter earnings beat estimates. Adjusted earnings came in at 71 cents per share compared with a FactSet consensus estimate of 61 cents. Revenue also exceeded expectations, as did forecasts for the current quarter. Boston Scientific — The medical device manufacturer fell 5% after it reported to the Securities and Exchange Commission that a cybersecurity incident is expected to cause disruptions and limited access to products. A timeline for restoration is unknown, the company said. SAP — Shares declined 3% after UBS downgraded the application software platform to neutral. Analysts at the bank said SAP's slow delivery of agentic AI to customers is limiting monetization opportunities, and may lead some customers to seek other routes to adopt the technology in the near-term. — CNBC's Christina Cheddar Berk, Ananya Chetia and Fred Imbert contributed reporting
Stocks making the biggest moves premarket: Intuit, Zoom, Semtech, SolarEdge & more
Check out the companies making the biggest moves premarket: Intuit — The financial technology platform sunk 11% after its guidance for fiscal year 2027 disappointed. Intuit expects revenues of between $23.279 billion to $23.512 billion in the fiscal year, which starts in the current quarter, compared to analysts expectation for $23.7 billion, according to FactSet. Earnings and revenue for the company's fiscal fourth-quarter, though, beat estimates. Software stocks — Intuit's earnings sent a slew of software companies lower in premarket trading Wednesday, with the iShares Expanded Tech-Software ETF (IGV) down more than 1%. ServiceNow was don more than 2.5%, while Workday and Salesforce were off 2%. Zoom Communications — Shares fell 7% after its third-quarter guidance fell short of analyst expectations. For third quarter, the company expects its earnings per share to range from $1.46 to $1.48, short of Analysts polled by FactSet's estimate of $1.50 a share. Kohl's — The retailer declined 5% in premarket trading after it reported that comparable sales fell 0.9% in the second quarter, compared to analysts polled by FactSet's estimate for a slide of 0.6%. However, the company revised guidance higher for its full-year outlook, partially boosted by $150 million in tariff refunds received during in the second quarter. Kohl's also said it was restarting share buybacks of up to $100 million in 2026. J.M. Smucker — The maker of Café Bustelo and Uncrustables sandwiches climbed 5.6% after posting its fiscal first-quarter results. Revenue of $2.22 billion topped an LSEG consensus of $2.13 billion. The company also reported adjusted earnings per share of $3.24, though it wasn't clear if that was comparable to a $2.22 estimate. SolarEdge Technologies — The stock jumped nearly 7% after an upgrade by UBS to buy . Analysts at the bank said a new policy by the U.S. Federal Communications Commission will lead to share gains and increased pricing power for the company. Semtech — The chipmaker jumped more than 5% after it reported an earnings beat in its second-quarter financial report. Adjusted earnings came in at 71 cents per share compared to a FactSet estimates for 61 cents. Revenue also exceeded expectations, as did forecasts for the current quarter. Box — Shares rose more than 2% after revenue came in above estimates in its second-quarter earnings report. Adjusted earnings came in-line with expectations, as did guidance for the current quarter, however the company cut its full-year earnings forecast slightly. Boston Scientific — The medical devices manufacturer fell more than 3% after it reported to the Securities and Exchange Commission that a cybersecurity incident is expected to cause disruptions and limited access to products. A timeline for restoration of affected products, the company said, is unknown. SAP — Shares declined almost 4% after UBS downgraded the application software name to neutral. Analysts at the bank said the company's slow delivery of agentic AI to customers is limiting monetization opportunities for SAP, and may lead some customers to seek other routes to adopt the technology in the near-term. — CNBC's Ananya Chetia and Fred Imbert contributed reporting
Stocks making the biggest moves midday: Dick's Sporting Goods, Marvell, AMD, Kura Oncology & more
Check out the companies making the biggest moves midday: Dick's Sporting Goods — Shares plunged more than 27% following a revenue disappointment out of the sports equipment retailer, which cited a "challenging" market for footwear. Dick's posted sales of $5.59 billion, lower than the $5.65 billion expected by analysts polled by LSEG. The stock was on pace for its worst day ever. Dynatrace — The AI-powered observability platform moved 3% higher on the back of an upgrade to overweight at Morgan Stanley. The investment bank believes demand should help propel growth of at least 20% and margin expansion for Dynatrace over the next couple of years. Shift4 Payments — Shares were up nearly 4% after Wells Fargo upgraded Shift4 Payments to overweight from equal weight on Tuesday, citing "improved set up" after the second quarter. Wells Fargo noted that the company, which provides software and payment processing solutions, has multiple opportunities for expansion. Moderna — The biotech giant rallied 13%, building on its strong gains from last week — when shares more than doubled in value. On Tuesday, Wolfe Research upgraded the stock to peer perform, citing its outperformance last week on the positive trial results for a joint cancer vaccine developed with Merck. "We suspect MRNA will trade largely around intismeran narrative in the near-term and see excitement and momentum from specialist, generalist & retail investors alike to continue," Wolfe analyst Alexandria Hammond wrote. Marvell Technology – Shares of the semiconductor producer jumped 5% after a couple of Wall Street firms raised their price targets. Susquehanna boosted its price target to $265 from $230, noting that the "longer-term 'custom XPU' story is also brightening amid an expanded partnership with Google." Rosenblatt also raised its price target to $300 from $240. Marvell is expected to report earnings on Thursday. Advanced Micro Devices — The chip stock gained 5% after Raymond James upgraded the semiconductor company to strong buy from outperform, with a new $641 price target that implied 40% upside from Monday's close. The analyst expects AMD will overtake Intel in the central processing unit market. Semiconductors — Chip stocks rose as a group, with Intel advancing more than 1% along with Nvidia . The VanEck Semiconductor ETF (SMH) gained more than 1%. Kura Oncology — The biotech stock climbed almost 10% after CEO Troy Wilson disclosed buying up 100,000 shares of common stock in a regulatory filing . Navitas Semiconductor — Shares jumped 5% after Navitas Semiconductor said it will power management solutions company Claros in a deal valued at $232.8 million in cash and shares. CNBC's Michelle Fox, Ananya Chetia, Fred Imbert and Darla Mercado contributed reporting.
China needs U.S. dollars but is building a hedge against Washington’s sanctions
BEIJING — The U.S. is threatening to cut businesses that help Iran evade sanctions off from the American financial system. It puts China's banks in an uncomfortable position: Beijing can reject the demands, but its biggest lenders still have strong incentives to preserve access to U.S. dollars. U.S. Treasury Secretary Scott Bessent announced on Monday that any entity facilitating "money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system." It was part of the "Economic D-Day" against Iran announced by U.S. President Donald Trump. When asked specifically about Chinese banks, Bessent said: "If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted." China said Tuesday it would "take all necessary measures" to protect itself. "China has made clear on many occasions its firm opposition to illicit unilateral sanctions that have no basis in international law or the authorization of the UN Security Council," a Chinese foreign ministry spokesperson said on Tuesday in response to questions. Before the war, China bought around 90% of Iran's exported oil — about 12% of China's total crude imports — making it Iran's largest trading partner, per analysts at the U.S.-China Economic and Security Review Commission in March. Dubbed "Operation Economic Outcast," the expanded U.S. sanctions identified several China-based companies and individuals as having allegedly assisted the Iranian military. The U.S. said it would give countries a timeline to shut down identified activities, but didn't share dates publicly. When CNBC asked about communication regarding the timeline, China's foreign ministry said it was closely monitoring the situation and reiterated that Beijing would protect its interests. It's tough talk as a summit between Trump and Chinese President Xi Jinping is looming. But analysts emphasize China will do what it can to stay in the U.S. dollar financing system. The U.S. has raised the bar for China and other countries that want to use the greenback — boosting their incentive to diversify. And the complexities of the U.S.-China economic rivalry make an "Economic D-Day" a tough order for the Trump administration. How China's CIPS offers a hedge to the dollar Peter Alexander, Shanghai-based managing director of advisory Z-Ben, told CNBC that China's Cross-Border Interbank Payment System (CIPS) showed it was trying to diversify from dollar-centered finance, without abandoning it altogether. The People's Bank of China began building the CIPS in 2012 — the same year the U.S. Treasury sanctioned China's relatively small Bank of Kunlun over illicit Iran activities. Its transactions have picked up since the Russia-Ukraine war in 2022, and generally grown this year, according to official figures. The system lists 210 direct participating institutions globally, mostly affiliates of state-owned Chinese banks. Alexander also said that Argentina and Australia this month renewed bilateralcurrency swap agreements with China that enable the exchange of tens of billions of dollars' worth of Chinese yuan between the countries' central banks. "The emerging financial system isn't necessarily one in which countries abandon the USD," Alexander said. "It is a geopolitical hedging instrument." The dollar's dominance The U.S. dollar still accounted for over half of global payments in July, while China's yuan ranks fifth at 3.1%, according to Swift, the secure bank messaging system that underpins international banking. That's down from over 4% in early 2025. In trade finance, the U.S. dollar accounted for nearly 80% that month, while China's yuan ranked second at 8.4%, the Swift data showed. "China definitely wants to stay in the dollar system which benefits its trade engine, but that doesn't mean it will do everything [to] comply with expanding U.S. sanctions," Tianchen Xu, senior economist at the Economist Intelligence Unit, told CNBC. He said he expected China to use rare earth controls and other measures to retaliate against sanctions on major Chinese businesses. But the U.S. also wants access to critical minerals that China has, incentivising it to keep the relationship stable. Trump and Xi are still due to meet next month Trump and China's Xi are expected to meet in the U.S. late next month, following Trump's visit to Beijing in May. Eurasia Group's China director Dan Wang said the U.S. doesn't want to derail the summit. "The core of China-U.S. relation is more about [the] Taiwan situation ... [the] China-Iran tie is not nearly as close as outsiders have imagined," she said, noting Beijing has essentially halted state-backed infrastructure investment since 2018. Removing a major Chinese bank from the SWIFT system would significantly increase devaluation pressure on the Chinese yuan, which is “not acceptable" to Beijing, she told CNBC's "The China Connection" on Tuesday. Read more U.S.-Iran war news Trump admin unveils anti-Iran global sanctions plan, signals China not exemptOil drops more than 3% on report U.S. plans to return evacuated diplomats to Middle EastTrump targets Iran’s trade lifelines — here are the countries most exposedTrump says no talks scheduled with Iran as he teases action in Hormuz StraitInvestors scored on Iran war’s oil market boom. Staying long the trade will get trickierWhat is Pickaxe Mountain, the Iranian nuclear facility Trump is threatening to strike?Ukraine strikes Iranian vessels in Caspian Sea, Tehran accuses Kyiv of ‘hostile and criminal act’Saudi military strikes Houthi targets in Yemen after Iran-backed militia attacked Red Sea shippingTehran’s Hormuz threat risks global fallout, Rubio warns as U.S. strikes Iran for 11th straight nightIran says it attacked Amazon infrastructure in BahrainU.S. strikes Iran and Houthis threaten Saudi Arabia shipping as mediators push 10-day ceasefireOil exports through the Strait of Hormuz might not return to levels seen before the Iran warStrait of Hormuz shutdown: A visual guide to the world's most critical oil chokepointOil markets are betting on a swift end to the Iran war. Investors may regret itThe Middle East war is testing the Gulf’s ambitions to become an AI hubAnalysis: An end to the Iran war may be just the beginning of a new era of U.S. inequalityWhy the confusion around the Iran situation could get worse. How to profit anyway Strait of Hormuz: Ships attacked as Trump extends Iran ceasefireTrump tells CNBC he expects U.S. to make 'great deal' with IranMore from CNBC Politics The U.S. dollar index has strengthened since the Iran war began on Feb. 28, up by about 1.5%. The Chinese yuan has gained nearly 2% against the U.S. dollar in that time, and more than 3% against the euro. Earlier this year, China helped broker initial peace talks between Iran and the U.S. in Pakistan. But analysts at the time cautioned that Beijing had neither the capability nor inclination to pressure either side into negotiating. "Beijing hasn't even begun to play hard ball with America," Alexander said. As for the U.S. response, "the question isn't what could be done," he told CNBC in an email, "the question is whether anything WILL be done." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Dick's Sporting Goods, Advanced Micro Devices, Kura Oncology & more
Check out the companies making headlines before the bell: Dick's Sporting Goods — Shares plunged more than 12% following a revenue disappointment out of the sports equipment retailer, which cited a "challenging" market for footwear. Dick's posted sales of $5.59 billion, lower than the $5.65 billion expected by analysts polled by LSEG. Advanced Micro Devices — The chip stock gained 2% after Raymond James upgraded semiconductor company to strong buy from outperform, with a new $641 price target that implied 40% upside from Monday's close. The analyst expects AMD will overtake Intel in the central processing unit market. Semiconductors — Chip stocks rose as a group in the premarket, with Intel advancing more than 3%. Nvidia also rose nearly 1%. The VanEck Semiconductor ETF (SMH) climbed more than 1%. Kura Oncology — The biotech stock climbed 11% after CEO Troy Wilson disclosed buying up 100,000 shares of common stock in a regulatory filing . Navitas Semiconductor — Shares jumped about 5% after Navitas Semiconductor said it will power management solutions company Claros in a deal valued at $232.8 million in cash and shares. United Airlines — The airline stock gained 2.9% after United Airlines said 2027 flights will span Sardinia to Okinawa .
Carney Says US Wants to Destroy Canada Firms, Examines Retaliation Moves
(Bloomberg) -- Prime Minister Mark Carney said his government is still working on options for retaliating against US President Donald Trump's new tariffs on Canadian goods, but added that he's willing to continue trade talks if the US adopts the "right attitude." Most Read from Bloomberg Canadians Brace for Economic Pain as 50% US Tariffs Take Effect Canada Sees Long Trade War With US That May Last Beyond Midterms Bessent Has No Easy Fix for What's Really Driving Yields Up US-Canada Trade Talks Fell Apart Over Fine Print, Envoy Says US Oil Refiners Face Import Squeeze From Biggest Foreign Seller The discussions with US negotiators revealed that Trump wants to destroy Canada's major industries — steel, aluminum and autos — with unfair terms, Carney said. "There is a mutually beneficial deal possible here, but it has to be one that respects Canada's sovereignty, that respects our independence, that uses our complementary strengths to build something better, not tear apart for short-term gain," Carney told reporters Monday, speaking at a news conference in Quebec. His comments came hours after Trump pledged to hike tariffs on Canadian autos to 50% — and to tax auto parts as well — starting on Jan. 1. The current rate is 25% but applied only to non-US content in finished vehicles, while auto parts still cross the border tariff-free. The threat marks yet another significant escalation of the trade fight, after 50% tariffs on around $20 billion of Canadian products — including furniture, plastics, plywood and electrical equipment — came into effect Saturday morning. Talks to avert those collapsed on Friday, with each side blaming the other for the breakdown. Carney has promised to retaliate with counter-tariffs by Sept. 8, affecting American steel, dairy, appliances, agricultural equipment, electronics and pulp and paper. But the government is still working on a detailed list. He has also pledged support for industries hit by the new US duties. "An attitude at the negotiation table that Canada is a subsidiary of the United States, that Canadian industry is going to be disadvantaged relative to American industry, that we're going to set up terms so that over time Canadian industry is going to face constant headwinds — that's not something we're going to accept," the prime minister said. Minutes after his remarks, Trump posted again on social media about Canada, calling Carney "governor" and lambasting Ontario Premier Doug Ford. "Someone should get these clowns to 'fall in line' or, the consequences for Canada will be far WORSE!" the president posted. Story Continues 'Range of Options' In his remarks Monday, Carney said he prefers to first use "positive" responses to US trade aggression, such as building new coast guard ships with Canadian steel, which he announced alonside Quebec's premier. But Carney said the government is looking at a "range of options" for retaliating against the new US duties and isn't ruling anything out when it comes to potentially using critical minerals, energy or other goods that Canada exports south of the border. "The strategic and symbolic scope of reprisals are very important," he said. "I think we need to do what's what's intelligent and hit where there's sensitivity." Carney acknowledged it's difficult to go dollar-for-dollar in counter-tariffs against the US, given how much bigger the American economy is. He said Canada may have to take a more targeted route in its retaliation. The S&P/TSX Composite Index whipsawed in early trading Monday, falling as much as 0.3%, but was flat around 2:20 p.m. in Toronto. The loonie was down sharply, falling around 0.7% against the US dollar. Carney has said talks fell apart for a number of reasons. Negotiators discussed lowering US auto tariffs to 15%, but the US refused to extend that relief to medium- to heavy-duty trucks, such as the kind currently going into production at Ford Motor Co.'s suburban Toronto factory. The US also pushed for limits on Canada's trade deals with other countries and made demands on cultural and French-language issues that were unacceptable, Carney has said. US Trade Representative Jamieson Greer, meanwhile, has said Canada made 11th-hour demands that upended the draft deal. The agreement would have reduced tariffs on autos, steel, aluminum and lumber, and set up cooperation on export controls, digital trade and joint tariffs, he said. It also would have launched formal talks to renew the US-Mexico-Canada Agreement, which Trump negotiated in his first term but declined to renew this year. Parts of Canada's economy, including Ontario auto plants and steel mills, have already faced significant production losses and layoffs as a result of US sectoral tariffs. But many smaller manufacturers were shielded from earlier rounds of tariffs because the US exempted goods shipped under USMCA. The new 50% levies — ordered under a never-before-used 1930 Tariff Act prevision — ignore that trade deal. If Trump follows through on 50% auto tariffs, the move would upend a supply chain that has tightly bound the two countries' auto sectors for decades. Most Read from Bloomberg Businessweek The Diamond Industry's Old Guard Wants You to Buy 'Natural' New York's Israeli Restaurants Are Doing Better Than You Might Think The Seniors Against Senior Housing Moldy Peanuts Can Be Deadly. The Solution Is More Mold Drones, Balloons and Sound Waves: New Ways to Fight the World's Fires ©2026 Bloomberg L.P. View Comments
Beyond the Rent: The economic signals multifamily leaders should watch this fall
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. I've lived in Northern Virginia for more than 25 years now. Over that time, I've developed an internal list of the best coffee shops in the area to work at and, occasionally, meet multifamily leaders. While Northside Social in Clarendon will always be my favorite, one of my current go-tos is the Compass Coffee spot in Ballston. (However, I may soon need to find other options, according to The Washington Business Journal.) If you want to run into multifamily decision-makers, it's not a bad place to be. It sits directly across from AvalonBay Communities' former headquarters. That is now one of the two home bases of the new Vivmark Residential. Just down the street is the headquarters of the National Apartment Association, which, full disclosure, was once my employer. On the day that AVB's shareholders met to greenlight the REIT's merger with Equity Residential, I had coffee with NAA Vice President of Research George Ratiu about the economic climate heading into the fall. "Fall to me is always a tricky period because it's a combination of post-summer vacation sobering," Ratiu told me. "If you go back 100 years, when you look at stock market performance, which is driven by psychology, September and October are the trickiest months. A few years ago, I went back and looked at every stock market crash because I didn't think there was a specific period of the year [for crashes]. I was a bit surprised." I immediately perked up. It just so happens that, right now, I'm reading "1929" by Andrew Ross Sorkin. Ratiu doesn't expect the artificial intelligence bubble to burst this October, leading to another 1929 or 2008, but he's concerned about what the next few months could bring. "Consumer psychology, investor psychology, for me, is a big thing," he said. So far, consumers have been spending, but Ratiu worries inflation will continue to take a larger chunk of their paychecks. "For someone who is literally within $100 or less of either making or not making their budget every month, when you go to the grocery store, and you come out with three bags, and it's 100 bucks, that makes a huge difference," Ratiu said. With less disposable income for consumers, Ratiu is watching for signs that consumers are finding it more difficult to pay off their credit cards and auto and student loans as potential warning signals. "It's not yet a crisis," Ratiu said. "But, when I put some of these signals together, they do create a little bit of an image of tension." Story Continues Downside risks accumulate A soaring stock market has created what Ratiu called a "wealth effect," making even middle-class Americans feel good about their financial position. "Should the market register a correction or drop, suddenly people are not going to feel as good as they did just a few weeks ago," he said. With the war in Iran, contentious midterm elections, a possible Federal Reserve rate hike, worries about an AI bubble in the stock market, ballooning U.S. debt, questions around labor force participation and other potential storm clouds heading into the fall, I asked Ratiu if we were entering a "perilous" time. "Downside risks are accumulating," Ratiu said. "There's, on the surface, this appearance of stability in the economy. But under that surface, there are a lot of cross currents that have the potential to upend this apparent calm." But how do these signals translate to apartment owners and managers? Ratiu said the overall fundamentals are still solid, with strong demand. But location and asset class often dictate performance. If longer-term unemployment ticks up meaningfully this fall, housing providers are bound to feel the effects. Some observers see job losses hitting the top of the market, but Ratiu is watching the effects on older properties. "Class B and C have been fairly stable because that's workforce housing," Ratiu said. "So to me, someone that's much longer-term unemployed is likely to impact those. We're going to start seeing stress there, which we haven't seen." As we talked over the hour, customers (and their dogs) streamed in and out of Compass, as they would any other weekday. It was business as usual. And maybe things will remain that way into 2027. But after talking to Ratiu and reading "1929," I'm giving a lot more thought to what's brewing beneath the surface. Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. View Comments
Stocks making the biggest moves premarket: Alibaba, Marvell, Sandisk, Coinbase and more
Check out the companies making the biggest moves premarket: Alibaba — U.S.-listed shares of the Chinese technology company were off by 2% after the company announced it was issuing $10.2 billion of new shares to non-U.S. investors . Alibaba said all of the money it raises will be used to fund its AI projects, particularly on its AI infrastructure. Chipmakers — After falling 5.5% last week, the iShares Semiconductor ETF (SOXX) was down almost 2% on Monday. Marvell Technology declined almost 3.5%, while Advanced Micro Devices and Intel fell about 2%. Memory stocks — A slew of memory storage companies were also starting the week in the red before the bell. Sandisk was off more than 5%, while Western Digital and Seagate Technology declined almost 4%. Micron Technology slid 3.5%. Nucor , Steel Dynamics — The steel manufacturers climbed after trade negotiations between the U.S. and Canada collapsed on Friday . Nucor jumped more than 4%, while Steel Dynamics was up 3.5%. Canada is set to target the U.S. steel industry in its retaliatory tariffs that will start on Sept. 8. Robinhood , Coinbase — Bitcoin prices stalled over the weekend around $77,000 after a three-day rally that sent the cryptocurrency surging 22% last week. Trading platform Robinhood, which surged more than 18% over the three-day crypto rally, was off 1% before the bell. Coinbase, which similarly jumped more than 27% over the course of the rally, declined 1%. Jersey Mike's Subs — The sandwich restaurant chain operator was higher by 0.5% after a slew of Wall Street firms initiated coverage of the stock at a buy rating. Analysts largely said that the company was undervalued and has strong potential for upside ahead.
Justin Wolfers Says Consumer Pessimism Is at a Record High: 'History Suggests It Shouldn't Be'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Economist Justin Wolfers said pessimism about the economy has reached an all-time high, even though history shows real wages tend to recover after painful inflation, citing the 1980s as a precedent. Real Wages Have Recovered, But Prices Haven't Gone Back "Pessimism is at an all-time high. History suggests it shouldn't be," the University of Michigan professor said in a post on X. He added that even after the sharp, double-digit inflation of the 1980s, wages eventually caught up, arguing that while inflation hurts, economies adjust over time and real wages recover. Pessimism is at an all-time high. History suggests it shouldn't be. Even after the double-digit inflation of the 1980s, wages eventually caught up. Inflation hurts, but economies adjust, and real wages recover. https://t.co/NOYWFZggDIpic.twitter.com/eYbDTmaIbr — Justin Wolfers (@JustinWolfers) August 20, 2026 Don't Miss: A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast In his blog 'Platypus Economics', Wolfers said measures of real wages show pay has caught up to or exceeded pre-2022 levels, and that the median worker's raise has outpaced inflation over the past year. He said the disconnect comes down to psychology, since most people experience "a boss," not "the labor market," and assume employers won't raise pay even as profits grow. Sentiment Hit a Fresh Low The University of Michigan's Consumer Sentiment Index fell to 51.0 in August, down from 55.2 in July, ending two consecutive months of improvement. Only 8% of consumers now expect their income to outpace inflation over the next year, and nearly three-quarters expect prices to rise faster than their pay. Wage growth has trailed inflation for four consecutive months, according to a Business Insider report. Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time Inflation Has Been Cooling, Even if It Doesn't Feel Like It July's Consumer Price Index rose just 0.1% month-over-month, pulling annual inflation down to 3.4% from 3.5%. Even so, grocery prices have climbed 32% over the past five years, and more than a quarter of working-age adults who used credit cards to buy groceries either couldn't pay their balance in full or missed a minimum payment, according to Urban Institute research. Story Continues Wolfers acknowledged that the current moment carries a caveat of its own, noting that supply shocks, including the war with Iran disrupting oil flows, can make real wages fall even as historical patterns suggest most inflationary periods correct over time. Photo courtesy: Shutterstock Read Next: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier. Think you're saving enough for your kids? You might be dangerously off — see why Building Wealth Across More Than Just the Market Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry. Arrived Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly. Frontieras As electricity demand accelerates alongside AI and domestic energy production becomes a growing priority, Frontieras is developing patented technology that converts coal into fuels, chemicals, and low-emission energy products without combustion. Through its Regulation A offering, investors can gain exposure to an emerging energy infrastructure company focused on modernizing American industrial and power resources. FarmTogether Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches. Fundrise Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estateand credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth. Qnetic As electricity demand rises alongside AI, data centers, and renewable energy, long-duration energy storage is becoming increasingly important. Qnetic is developing a kinetic energy storage system designed to provide long-lasting, chemical-free electricity storage, offering investors exposure to the infrastructure supporting a more resilient and reliable power grid. EquityMultiple For accredited investors looking beyond stocks and bonds,EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process. BluSky AI As artificial intelligence drives unprecedented demand for computing power, the infrastructure behind it is becoming just as important as the software itself.BluSky AI is developing modular, prefabricated data centers designed to bring AI compute capacity online faster than traditional builds, giving investors exposure to a critical layer of the rapidly expanding AI ecosystem through its Regulation A offering. © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View Comments
Stocks making the biggest moves midday: Moderna, Robinhood, BJ's Wholesale, Coinbase & more
Check out some of the companies making the biggest moves midday: BJ's Wholesale — Shares gained 4% after the wholesale retailer posted better-than-expected results for the second quarter. BJ's earned $1.36 per share, excluding certain items, on revenue of $6.09 billion. Analysts polled by FactSet expected a profit of $1.17 per share on revenue of $5.97 billion. It also increased its earnings per share guidance for the fiscal year to $4.60 and $4.80 from $4.40 to $4.60. Ross Stores — Shares were up over 4% after the retail company posted second-quarter results that exceeded analyst expectations. Ross Stores also issued third-quarter earnings guidance that outperformed estimates. Crypto-related stocks — The group rose broadly as bitcoin continued its march higher on Friday, with the digital currency on pace to end the week more than 20% higher. Robinhood surged 12%, Coinbase gained more than 8%, and Strategy added 6%. Bitcoin got a boost after the White House hosted crypto leaders and urged Congress to pass the Clarity Act, a bill focused on crypto infrastructure and clearer layout on which federal agencies would regulate crypto. Broadcom — Shares are up nearly 1% after Bloomberg News reported, citing sources, that the semiconductor manufacturer was planning to raise over $60 billion in debt for a deal to support Anthropic. OSI Systems – The maker of electronic systems and components dropped almost 10% after fourth-quarter revenue fell short of expectations. OSI reported adjusted earnings of $3.78 per share on revenue of $484.1 million, while analysts polled by FactSet sought $3.77 per share and $529.7 million. Revenue guidance for the fiscal year ending in June 2027 also narrowly missed the Street's expectations. The Boston Beer Company – The maker of Twisted Tea dropped 3% after announcing that CFO Diego Reynoso will be leaving the company on Sept. 14. He'll be joining Ingredion as its new finance chief. O-I Glass – The glass container manufacturer jumped 10%. Citi upgraded shares to buy from neutral and lifted its price target to $9 from $8, suggesting 41% upside from Thursday's close. Moderna – The biotech stock resumed its winning ways on Friday, popping more than 10%. Shares surged nearly 177% on Wednesday after a cancer vaccine from Merck and Moderna showed positive results in a late-stage trial. Moderna shares took a breather on Thursday as investors locked in gains and sold the stock, pushing it down almost 24%. Merck last traded up 2%. InnovAge – The senior care services provider jumped 2%. KeyBanc upgraded shares to overweight from sector weight after analysts met with management and visited one of InnovAge's centers. "We believe INNV's turnaround is complete, yet there remain significant opportunities to optimize operations and accelerate growth," wrote analyst Matthew Gillmor. Parsons – The tech provider with a focus on national security jumped 4% after Baird lifted its price target to $57 from $48 and upgraded the stock to outperform from neutral. The new price target suggests about 24% upside. — CNBC's Nick Wells and Darla Mercado contributed reporting.
Stocks making the biggest moves premarket: BJ's Wholesale, Broadcom, Ross Stores & more
Check out the companies making the biggest moves premarket: BJ's Wholesale — Shares ticked slightly higher after the wholesale retailer posted better-than-expected results for the second quarter. BJ's earned $1.36 per share, excluding certain items, on revenue of $6.09 billion. Analysts polled by FactSet expected a profit of $1.17 per share on revenue of $5.97 billion. It also increased its earnings per share guidance for the fiscal year to $4.60 and $ 4.80 from $4.40 to $4.60. Ross Stores — Shares were up over 8% in premarket trading after the retail company posted second-quarter results that exceeded analyst expectations. Ross Stores also issued third-quarter earnings guidance that outperformed estimates. Crypto-related stocks — The group rose broadly as bitcoin continued its march higher on Friday, with the digital currency on pace to end the week more than 20% higher. Robinhood , Coinbase and Strategy , were up by at least 4.5% in premarket trading. Bitcoin got a boost after the White House hosted crypto leaders and urged Congress to pass the Clarity Act, a bill focused on crypto infrastructure and clearer layout on which federal agencies would regulate crypto. Broadcom — Shares are up over 1% after Bloomberg News reported, citing sources, that the semiconductor manufacturer was planning to raise over $60 billion in debt for a deal to support Anthropic.
Nigeria Eyes $50 Billion Offshore Oil and Gas Investment Boom
The new Nigerian incentives for offshore oil and gas projects have the potential to attract $50 billion in new investment in Nigeria's offshore energy sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said. Nigeria, however, needs upskilled and additional numbers of skilled workers and employees, including in the digital industries, to take advantage of the new offshore opportunities, the regulator's chief executive, Oritsemeyiwa Eyesan, said at a human resources conference this week. Nigeria, which aims to boost its oil production to 3 million barrels per day (bpd) by 2030, needs to attract much higher investments than in recent years. According to the NUPRC's Eyesan, annual investments in Nigeria's oil and gas industry have slumped to just $2 billion, from $26 billion back in 2014. Earlier this month, the regulator said that Nigeria met and exceeded its OPEC+ quota of 1.5 million bpd for the third consecutive month in July. Last month, Nigeria pumped 1.505 million bpd of crude oil and 170,000 bpd of condensate, bringing the combined daily oil production to 1.67 million bpd, the latest data by NUPRC showed. Nigeria has shown sustained growth in its crude and condensate output so far this year. Total oil output rose from 1.48 million bpd in February to 1.735 million bpd in June, according to the NUPRC. Nigeria has struggled to pump its quota in recent years as sabotage often led to force majeure at major export streams. However, with a recent crackdown on oil theft and sabotage in the Niger Delta, Nigeria has managed to increase crude production and aims for further growth by 2030. Nigeria is actively increasing its crude oil production in response to major global supply disruptions caused by the war in Iran, with authorities now aiming to raise output by 100,000 barrels bpd in the immediate term to capture widening supply gaps. Nigeria's state-owned oil and gas company NNPC is set to increase oil production to 2 million bpd over the next two years, its executive vice president for upstream, Udy Ntia, said in November 2025. By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com China's Oil Imports Set to Rebound as Refiners Hunt for New Supply Iraq-Syria Oil Pipeline to Bypass Hormuz Is 4 Years and $15 Billion Away China's Renewables Boom Faces Record Clean Power Curtailments Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
Stocks making the biggest moves midday: Walmart, Deere, CrowdStrike, Moderna & more
Check out some of the companies making the biggest moves midday: Walmart — The largest brick-and-mortar retailer in the nation tumbled 9%. Walmart second-quarter revenue topped estimates, but same-store sales grew 2.6%, short of the 3.5% expected by analysts polled by FactSet. Earnings per share guidance for the fiscal third quarter and full year also fell short of expectations. Deere – Shares of the tractor maker jumped almost 9% after Deere fiscal third quarter trounced estimates. The Illinois-based company earned $5.10 per share on revenue of $11 billion, versus the LSEG consensus estimate of $4.70 per share and $10.73 billion. Deere also lifted the lower end of its net income guidance for the full year, to $4.75 billion to $5 billion, compared to the FactSet consensus estimate for $4.88 billion. Webull – The online trading platform provider gained more than 4%. Second-quarter adjusted operating income totaled $62.6 million, above the $33.5 million analysts were estimating, according to FactSet. Revenue of $198.8 million also beat expectations of $183 million. Crypto stocks — Crypto-related stocks moved higher, following the surge in bitcoin and ether on President Donald Trump's push for Congress to pass crypto-friendly legislation. Coinbase , Strategy and Circle Internet each gained about 8%, while Mara Holdings climbed 12% and American Bitcoin added 7%. Transocean — The offshore drilling service contractor rose 2% after signing a $300 million , two-year contract for an ultra-deepwater drillship with ONGC of India, with options out to 2031. Moderna — The biotechnology company that uses messenger RNA plunged 25% one day after soaring 177% on the back of promising late-stage trial results for a skin cancer vaccine. The trial showed the experimental vaccine, developed with Merck, in combination with Keytruda, met key goals in patients with high-risk or advanced melanoma whose detectable cancer had been completely removed through surgery. Nordson — Shares rose about 7% after the maker of equipment used to apply coatings and adhesives raised full-year guidance. Nordson now sees adjusted earnings of $11.80 to $12 a share, up from an earlier forecast of $11.30 to $11.80 per share. The outlook surpassed a FactSet consensus call for $11.60 a share. Advance Auto Parts — The auto parts provider slid 25% following mixed second-quarter results. Advance Auto Parts posted revenue of $2 billion, short of the $2.04 billion expected from analysts polled by LSEG, and same-store sales decline of 0.5% against an estimated gain of 1.4%, based on consensus analyst forecasts, according to FactSet. Coty — The cosmetic maker dropped 9% after reporting a larger quarterly loss than expected and calling fiscal 2027 a "transition year." Coty lost an adjusted 2 cents per share in its fiscal fourth quarter, double the 1 cent loss expected by analysts polled by LSEG. Wolfspeed — The semiconductor components maker declined 15%. Quarterly revenue of $149.6 million fell short of FactSet's $150 million consensus estimate. NetEase — U.S.-listed shares of the Chinese tech company lost 5% after quarterly earnings missed analyst estimates. CrowdStrike — The cybersecurity provider dropped 4% after Axios reported that chief technology officer Elia Zaitsev is leaving to start an AI-focused cyber venture fund called Cognition. — CNBC's Darla Mercado contributed reporting.
Stocks making the biggest moves premarket: Walmart, Coinbase, Moderna, Alibaba & more
Check out the companies making the biggest moves in premarket trading: Walmart — The retail giant dropped 6%. Walmart posted a revenue beat for its second quarter . However, the company's U.S. comparable sales grew by 2.6%, short of the 3.5% increase expected from analysts polled by FactSet. Earnings per share guidance for the fiscal third quarter and full year also fell short of expectations. Crypto stocks — Crypto-related stocks moved higher, following the surge in Bitcoin and ether on President Donald Trump's push for Congress to pass crypto-friendly legislation. Coinbase rose nearly 7% and Strategy jumped 10%. Circle Internet gained 7.5%, while Mara Holding and American Bitcoin each added roughly 5%. Alibaba — The Chinese tech giant reported a 75% drop in profits for the June quarter due to its jump in spending on artificial intelligence. Its capital expenditures grew by 75% in the quarter. U.S.-listed shares fell 3.4%. Moderna — The pharma giant shed 7%, a day after it gained 177% on the back of promising late-stage trial results for its cancer vaccine. The trial showed the experimental vaccine, from Moderna and Merck, in combination with Keytruda met key goals in patients with higher-risk or advanced melanoma whose detectable cancer had been completely removed through surgery. Nordson — Shares rose 5.4% after lifting the company, which manufactures equipment used to apply coatings and adhesives, raised its full-year guidance. Nordson sees adjusted earnings for the full year in a range of $11.80 to $12 a share, up from its earlier call for $11.30 to $11.80 per share. The outlook also surpassed the FactSet consensus call for $11.60 a share. Advance Auto Parts — The automotive parts provider tumbled nearly 15% following mixed results for its second quarter. Advance Auto Parts posted revenue of $1 billion, short of the $2.04 billion expected from analysts polled by LSEG. It also reported a loss in comparable sales of 0.5%, versus the gain of 1.4% expected from analysts, per FactSet. Earnings per share, however, topped expectations. Coty — Shares slipped 14.5% after the beauty company reported a larger quarterly loss than expected and said fiscal 2027 will be a "transition year." Coty saw an adjusted loss of 2 cents per share for its fourth quarter, more than the 1 cent loss expected from analysts polled by FactSet. Its revenue, however, beat expectations. Wolfspeed — The semiconductor components maker's quarterly revenue of $149.6 million fell short of FactSet's $150 million consensus estimate, sending shares 10% lower. Its loss of $2.26 per share, however, was less than the $2.45 per share loss expected from analysts. NetEase — U.S.-listed shares of the Chinese tech company slipped nearly 4% after Netease's quarterly earnings missed analyst estimates. — CNBC's Darla Mercado contributed reporting.
Japan reports record exports and imports for July as energy costs climb
TOKYO (AP) — Japan's imports and exports set records in July and soaring energy costs and a weak yen helped extend a trade deficit for a third month, government data showed. Japan's trade deficit totaled 634.5 billion yen ($4 billion) last month, marking the third straight month of red ink, the Finance Ministry said in a preliminary report Thursday. Imports surged 27.8% from the same month a year ago to a seasonally adjusted 12.15 trillion yen ($77 billion). The war in Iran has sent crude oil prices soaring. Japan, which imports almost all its oil, previously relieved heavily on oil imports from the Middle East through the Strait of Hormuz, which remains effectively closed. Exports rose 23.2% to 11.51 trillion yen ($73 billion), as auto exports to the U.S. and other nations remained strong. Shipments of semiconductors and other electronic devices were also healthy. Japan's exports have now grown every month for almost a year. By value, both imports and exports rose to the highest levels in July, since comparable data became available in January 1979, according to the ministry. Japan has been seeking alternative sources for energy imports, including the U.S. Japan's central bank has intervened to prop up the currency, but that has had little lasting impact. The yen's weakness is related to larger causes like Japan's socioeconomic clout, which has been weakening, analysts say. The U.S. dollar is trading at about 158 yen lately, lower than the levels in July, when it cost more than 160 yen, but still higher than what it was a year ago at 140 yen. A weak yen can work as a boon for Japan's giant exporters, like Toyota Motor Corp., because it boosts the value of overseas earnings. Toyota and other exporters have reported hefty earnings recently, raking in the benefits of the weak yen. But the weak yen makes raw materials and other essentials such as food and oil more expensive when purchased abroad. Analysts increasingly have said Prime Minister Sanae Takaichi's policies have had minimal effect so far in turning around Japan's economy. Still, she is likely to stay in power, at least for the next several months, as no election is scheduled and her popularity with voters remains relatively high. ___ Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama View Comments
Mark Cuban Warns California Wealth Tax Could Drive Billion-Dollar Startups Out of State: ‘Ideology Is Not a Strategy’
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Billionaire entrepreneur Mark Cuban warned Rep. Ro Khanna (D-Calif.) that a proposed 5% wealth tax on California billionaires could discourage investment and push high-value startups and their founders out of the state. Khanna Backs Wealth Tax On Saturday, Khanna said the California Democratic Party and the state's labor movement joined him and Sen. BernieSanders (I-Vt.) in supporting the proposal. "The California Democratic Party and the California labor movement just stood with @BernieSanders and me in supporting 5% wealth tax on 250 California billionaires," he said. He added, "California voters want a Democratic Party that will stand up for the working class over the billionaire class." Don't Miss: A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast Cuban Warns Wealth Tax Could Drive Startups Out Mark Cuban pushed back against Khanna's proposed 5% California wealth tax, arguing it could hurt billion-dollar startups and drive investors and founders out of the state. The billionaire entrepreneur said many startup founders become "cash poor, stock rich" after their companies reach billion-dollar valuations, making it difficult to pay a wealth tax without selling or borrowing against their shares. "If this passes, and it doesn't directly impact me at all, I won't be a Cali resident, but you can bet if I'm investing in a multi billion dollar startup, I'm asking them to move from California first," Cuban wrote. He warned that he would make leaving California a condition for investing in startups, adding, "I will make NOT being in California a pre requisite for an investment." Cuban concluded his response to Khanna, saying, "Ideology is not a strategy." Ro, I like you. You know that. But you need to read the state of the state. The number of Deca Unicorns in Cali is growing by the day as investors chase amazing startups. A unique feature of these 10b startups is that even if they raise a billion, little, if any of that… https://t.co/l1LRaiki16 — Mark Cuban (@mcuban) August 15, 2026 Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time California Wealth Tax Sparks Billionaire Exodus Fears Earlier, California Democrats endorsed Proposition 40, a November ballot measure proposing a one-time 5% tax on billionaires, with supporters saying the revenue could fund health care, food assistance and state budget needs. Story Continues Gov. Gavin Newsom (D-Calif.) opposed the measure but backed a federal wealth-tax approach. Sanders separately renewed his call for a 5% annual federal tax on fewer than 1,000 billionaires, which he said could raise more than $4.4 trillion for programs benefiting working families. Peter Schiff warned of a "mass exodus" of wealthy entrepreneurs, arguing that taxing unrealized wealth could force billionaires to sell assets and encourage them to leave the state. Kevin O'Leary called the measure "un-American, unconstitutional" and questioned how California could value and tax noncash assets. He also warned that the proposal could trigger lengthy litigation and accelerate the loss of businesses and wealthy residents. Photo courtesy: Shutterstock Read Next: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier. Think you're saving enough for your kids? You might be dangerously off — see why Building Wealth Across More Than Just the Market Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry. Arrived Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly. Realberry Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests. FarmTogether Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches. Fundrise Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estateand credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth. Mode Mobile Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream. EquityMultiple For accredited investors looking beyond stocks and bonds,EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process. © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View Comments
Several Fed officials wanted to raise rates last month. If inflation doesn't come down, more of them see hikes.
Several members of the Federal Reserve favored raising interest rates at the central bank's policy meeting last month, even as most supported holding rates steady, according to minutes from the meeting released Wednesday. Those who favored raising rates noted that price pressures appeared broad-based and thought rates should be higher to restrict the economy and bring down inflation. Three voting members of the Fed — Cleveland Fed president Beth Hammack, Dallas Fed president Lorie Logan, and Minneapolis Fed president Neel Kashkari — dissented, preferring to raise rates by a quarter percentage point. Since the meeting, other officials have spoken, including Kansas City Fed president Jeff Schmid, who also suggested that rates should be higher to rein in inflation. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Most participants supported holding rates steady and believed forthcoming data before the next policy meeting would offer more clarity and reduce uncertainty about the inflation outlook. Since the meeting, an inflation report on the Consumer Price Index for July showed prices cooled for the second month in a row, while wholesale prices showed more of a mixed bag. In the meeting, many members of the Fed said raising rates would be necessary if inflation does not come down.Kevin Warsh, chairman of the US Federal Reserve, speaks during a press conference following a Federal Open Market Committee meeting on June 17, 2026, in Washington, D.C. (Al Drago/Getty Images)·Al Drago via Getty Images "With regard to the outlook for monetary policy, participants reiterated that their interpretations of incoming information would be a key component of their deliberations. Many participants assessed that policy tightening would likely be necessary if inflation did not decline," the minutes read. Various members suggested that bond yields had risen partly due to strong economic growth and market expectations that the Fed would raise rates before long. Most expected inflation to ease over the rest of the year as the effects of tariffs and earlier energy price increases wane, but many noted the possibility that inflation might remain more persistently elevated. Several thought that the pass-through of price increases from earlier tariffs was now largely complete and that the effects of recently announced tariffs on inflation would likely be modest. New York Fed president John Williams has been in that camp. When it came to the impact of the AI build-out on inflation, several thought the effect on consumer prices had so far been limited to select categories, namely computers and smartphones. But several others viewed investment in AI as already having broader effects on prices by pushing up demand, or they assessed that it would likely do so soon. Story Continues Confirming earlier reporting by the New York Times, the minutes revealed that Fed Chairman Warsh suggested to the committee that a reduced cadence of six scheduled meetings per year, held roughly every two months, would allow more information to accumulate between meetings and give policymakers more time to consider how to set rates. The Fed currently meets eight times a year. Warsh asked for input from the rest of the Fed, and no decisions regarding possible changes in the meeting schedule were made. Warsh indicated that any change in practice would not affect the schedule over the balance of 2026, according to the minutes. Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance, she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram. Click here for the latest economic news and indicators to help inform your investing decisions Read the latest financial and business news from Yahoo Finance View Comments
Fed officials saw need for rate hike if inflation doesn't cool, minutes show
Federal Reserve officials indicated at their last meeting that they would need to raise interest rates soon unless there was more progress on bringing down inflation, minutes released Wednesday showed. "Many participants assessed that policy tightening would likely be necessary if inflation did not decline," stated the summary of the meeting, held July 28-29. "Some participants commented that financial conditions might not currently be sufficiently restrictive to facilitate a return of inflation to 2 percent." Ultimately, the Federal Open Market Committee voted 9-3 to keep the federal funds rate targeted in a range between 3.5%-3.75%, where it has been all year. The overnight borrowing rate serves as a guidepost for a variety of consumer debt including mortgages, credit cards and auto loans. Those who voted against the decision favored a quarter percentage point increase. Minutes indicated that the dissenters "judged that doing so would likely help forestall the need for a steeper and potentially more costly sequence of tightening moves at a later stage." Each of the three "no" votes was regional presidents – Beth Hammack of Cleveland, Lorie Logan of Dallas and Neel Kashkari of Minneapolis. Since the July meeting, data releases mostly have shown modest price increases on a monthly basis, though the major indicators all have inflation well above the Fed's 2% target. The central bank's primary forecasting data point, the personal consumption expenditures price index, actually saw a 0.1% decline for June, though the annual rate was still at 3.7%. At the same time, the employment picture has softened. Nonfarm payrolls fell by 23,000 in July even as the unemployment rate dropped to 4.1%, the latter primarily due to a shrinking labor force. Fed officials mostly have said they are more concerned with inflation than the labor market, though that was before the most recent data. Fed Chairman Kevin Warsh has shown an inclination to be patient when it comes to rates. Markets took remarks he made in his post-meeting news conference as dovish on inflation, which in turn sent Treasury yields sharply higher. Yields have continued to climb, particularly at the longer part of the curve. However, they tumbled Wednesday following a Treasury Department announcement that it would step up its purchases of longer-dated government debt, the part of the duration curve that has been particularly sensitive lately. Following the recent run of inflation data, market pricing switched to an expectation for the Fed to stay on hold likely until December before it hikes again. Previously, traders had been expecting a September increase. The summary also reported a discussion about changing the FOMC meeting schedule. The minutes pointed out that economic indicators changed little since the June meeting. Warsh "observed" that reducing the current meeting schedule from eight per year to six, "held roughly every two months" might be productive. Such a move "would allow more information to accumulate between meetings than under current practice and provide policymakers and the staff more time to consider strategic monetary policy issues," the minutes stated. "The Chairman asked for input from the Committee on these issues, but no decisions regarding possible changes in the meeting schedule were made, and the Chairman indicated that any change in practice would not affect the schedule over the balance of 2026," the document said. Also at the meeting, the board discussed "an intermeeting incident involving a disruption to transaction settlements." The minutes noted that the Fed's policy of maintaining "ample" bank reserves "helped maintain the orderly functioning of money markets in the face of this disruption." On a related note, the committee held what appeared to be an extensive discussion of the Fed's balance sheet and its various bond holdings. Committee members said a task force Warsh has set up to examine the issue would be helpful. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: Moderna, Pilgrim's Pride, Target, gold miners & more
Check out the companies making the biggest moves midday: Moderna , Merck — Shares of the pharmaceutical companies surged after a personalized cancer vaccine between the two companies showed positive results in a late-stage trial . Moderna's skyrocketed 120%, while Merck's jumped 10%. Pilgrim's Pride — Shares rallied 15% after JBS, which owns more than 80% of the chicken producer, made a bid to acquire the remaining stock in the company. Pilgrim's Pride was on pace for its best day since Aug. 13, 2021, when it jumped 21%. Gold miners — The group surged after an announcement by the Treasury Department to sharply increase government debt repurchases sent yields lower — giving gold a boost. The VanEck Gold Miners ETF (GDX) jumped 9%, putting it on track for its best day since Nov. 4, 2022, when it advanced 10%. Coeur and Hecla led the way higher with gains of more than 13% each. Real estate, homebuilders — The Treasury's announcement also gave a boost to real estate names and homebuilders. CoStar and Alexandria Real Estate Equities were both up more than 6%. Toll Brothers gained 7.1%, and D.R. Horton climbed 5.4%. Marvell Technology — The chipmaker was up more than 7% after it announced that it was giving Google permission to buy a $12 billion stake in the company as part of a deal to develop custom chips for the Alphabet subsidiary. Coinbase — Shares of the crypto trading platform surged 11% as bitcoin prices popped more than 5% to about $68,000. Robinhood advanced more than 6%, while bitcoin miners Riot Platforms and Mara Holdings gained 3% and 7%, respectively. Lowe's — Shares were up more than 3% as Treasury yields fell. They were initially lower in early trading after the home improvement retailer after it updated its full-year sales and earnings outlook to the bottom end of its prior guidance. Revenue for the second quarter also missed expectations, and the company reported it saw pressure in home improvement spending. Target — The retailer gained 5% after reporting better-than-expected revenues in its second-quarter financial report and hiking its full-year guidance. Results were boosted by a $752 million boost to net earnings, or $1.65 per share, from tariff refunds. La-Z-Boy — The manufacturer of recliners tanked 16%. Fiscal first-quarter earnings came in at 43 cents per share on an adjusted basis, down 9% from the year-ago period. Adjusted operating income dropped 20% from a year earlier, landing at $18.7 million. La-Z-Boy said current quarter revenue would range from $500 million to $520 million, missing the FactSet consensus of $536.8 million. Mercury Systems — The maker of defense and aerospace electronics slid more than 6%. Mercury Systems said that revenue for the fiscal year ending June 2027 would approach about $1.1 billion, versus the FactSet consensus estimate of $1.05 billion. Adjusted earnings of 37 cents in the fourth quarter missed the FactSet consensus call by one cent. Estee Lauder — The beauty care manufacturer and marketer rose more than 16% after it reported adjusted earnings and revenue for its fiscal fourth quarter that beat consensus estimates, according to analysts polled by FactSet. The company also reported that it expects earnings of between $3.10 to $3.35 per share in fiscal year 2027, about in-line with FactSet estimates for between $2.95 to $3.42.
Stocks making the biggest moves premarket: Moderna, Lowe's, Estee Lauder & more
Check out the companies making the biggest moves premarket: Moderna , Merck — Shares of the pharmaceutical companies surged after a personalized cancer vaccine between the two companies showed positive results in a late-stage trial . Moderna's stock at one point soared 57%, while Merck's jumped just over 6%. It is unclear when the companies plan to submit applications for approval of the drug in the U.S. Keysight Technologies — The electronic test and measurement company rose 2% after posting third quarter results that exceeded expectations on the top and bottom lines. Keysight posted earnings of $3.07 per share, excluding items, more than the $2.48 per share expected by analysts polled by FactSet. Revenue of $1.85 billion beat the $1.75 billion consensus estimate. Lowe's — Shares were off 2% after the home improvement retailer after it updated its full-year sales and earnings outlook to the bottom end of its prior guidance. Revenue for the second quarter also missed expectations, and the company reported it saw pressure in home improvement spending. Target — The retailer declined 1.5% despite reporting better-than-expected revenues in its second-quarter financial report and hiking its full-year guidance. Results were boosted by a $752 million boost to net earnings, or $1.65 per share, from tariff refunds. La-Z-Boy — The manufacturer of recliners tanked almost 17%. First quarter earnings came in at 43 cents per share on an adjusted basis, down 9% from the year-ago period. Adjusted operating income dropped 20% from a year earlier, landing at $18.7 million. La-Z-Boy said current quarter revenue would range from $500 million to $520 million, missing the FactSet consensus of $536.8 million. Mercury Systems — The maker of defense and aerospace electronics slid more than 9%. Mercury Systems said that revenue for the fiscal year ending June 2027 would approach about $1.1 billion, versus the FactSet consensus estimate of $1.05 billion. Adjusted earnings of 37 cents in the fourth quarter missed the FactSet consensus call by one cent. Toll Brothers — Shares of the luxury homebuilder rose just over 1%. The company reported third quarter earnings of $2.97 per share on revenues of $2.65 billion. Analysts polled by LSEG had expected per-share earnings of $2.93 on revenues of $2.61 billion. Estee Lauder — The beauty care manufacturer and marketer rose more than 7% after it reported earnings and revenue for its fiscal fourth quarter that beat consensus estimates, according to analysts polled by FactSet. The company also reported that it expects earnings of between $3.10 to $3.35 per share in fiscal year 2027, about in-line with FactSet estimates for between $2.95 to $3.42. Analog Devices — The semiconductor company rose more than 3% after adjusted earnings and revenue for its fiscal third quarter, along with current quarter guidance, came in above expectations. Its gross margin, on a non-GAAP basis, rose to 72.5% compared to 69.2% a year ago. — CNBC's Sarah Min and Darla Mercado contributed reporting
Goldman studied where AI is squeezing labor markets. Here's what it found
Artificial intelligence is starting to weigh on labor market across major developed economies, with effects varying across industries and seniority levels, according to Goldman Sachs. The Wall Street investment bank found in its research that industries with greater exposure to AI automation have generally seen slower job openings growth since the second half of 2022, with the relationship particularly pronounced in Germany, Australia and the U.S. Goldman said in its report published Wednesday that employment in information and communication services, among the industries most exposed to AI, has slowed across nearly all major developed economies since 2022. However, employment in these industries remains near or above its long-run trend outside the U.S. Looking more closely at highly AI-exposed industries, Goldman found a similar, though generally more muted, pattern of employment headwinds across other developed markets. Employment in call centers, software publishing, management consulting and advertising has fallen sharply below its historical trend across developed markets, Goldman said. Call centers stand out in particular. Employment in the industry is now below trend in the U.S., 39% lower, Canada, down 33%, and Germany 27% below trend, according to the report. Goldman said the pattern indicates that AI-related employment pressures are already visible in industries where tools capable of automating work are available. Entry-level workers feel more pressure The effects appear to be more pronounced for those looking to start their careers. Goldman analyzed employment growth across more than 800 occupations and found that AI-related headwinds were the strongest among entry-level workers. It also found an additional, though smaller, negative effect among occupations considered to have a high risk of displacement from AI. Across the broader labor market, a 10% occupational exposure to AI was associated with only a 0.1 percentage point drag on annual headcount growth in France, Canada and the U.S. But for entry-level workers, the impact ranged between more than 0.6 percentage point (Australia) and over 0.2 percentage point (U.S.). Overall, the investment bank concluded that AI-related hiring pressures are clearly visible in employment data globally, but remain limited to a relatively narrow set of industries and workers. Where AI adoption is highest The labor market impact comes as AI adoption is spreading across developed economies. Goldman combined 11 surveys measuring AI adoption across countries and found that major developed markets have adoption rates of roughly 15% to 20%. France, the U.S., the Netherlands and the U.K. are leading AI adoption, while Italy, Japan and New Zealand were among the developed economies at the lower end of adoption. Major emerging markets, meanwhile, had estimated adoption rates of between 10% and 15%. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves after hours: Toll Brothers, Keysight Technologies, La-Z-Boy & more
Check out the companies making headlines after hours. Toll Brothers — Shares of the luxury homebuilder dipped 0.3%. Toll Brothers said it sees fourth quarter deliveries ranging from 3,450 to 3,550 versus the StreetAccount consensus estimate of 3,508. The company reported third quarter earnings of $2.97 per share on revenues of $2.65 billion. Analysts polled by LSEG had expected per-share earnings of $2.93 on revenues of $2.61 billion. Keysight Technologies — The electronic test and measurement company rose 2% after posting third quarter results that exceeded expectations on the top and bottom lines. Keysight posted earnings of $3.07 per share, excluding items, more than the $2.48 per share expected by analysts polled by FactSet. Revenue of $1.85 billion beat the $1.75 billion consensus estimate. La-Z-Boy — The manufacturer of recliners tanked 17%. First quarter earnings came in at 43 cents per share on an adjusted basis, down 9% from the year-ago period. Adjusted operating income dropped 20% from a year earlier, landing at $18.7 million. La-Z-Boy said current quarter revenue would range from $500 million to $520 million, missing the FactSet consensus of $536.8 million. Mercury Systems — The maker of defense and aerospace electronics slid more than 10%. Mercury Systems said that revenue for the fiscal year ending June 2027 would approach about $1.1 billion, versus the FactSet consensus estimate of $1.05 billion. Adjusted earnings of 37 cents in the fourth quarter missed the FactSet consensus call by one cent. Jack Henry & Associates — The financial technology company servicing community and regional banks gained 3% after posting fourth quarter earnings. Jack Henry posted earnings of $1.57 on revenue of $644 million. Analysts polled by FactSet anticipated earnings of $1.47 per share on revenue of $631.6 million.
Analysis: Bond market pressure is squeezing Main Street as Wall Street waits on Warsh
There's something telling in how the smart money on Wall Street has started to think about socialism. The moral of the story isn't really about socialism, though, but about the very real pain in store for American households from the bond market if the actually-in-charge capitalists don't get their act together. The idea is that socialists are on the rise, but the problem will be self-correcting because the national debt is so crushing it will force whoever's on top to deal with it. "A democratic socialist, motivated by hatred of inequality, may be just determined enough to stake his or her political career on the idea that America can finally stomach some tax hikes," write Matt Gertken and Yushu Ma, analysts at research firm BCA, in a recent client note. Whether that is true about socialism — who knows? But the bond market is already becoming a check on Americans' livelihoods, with the capitalists firmly in charge. A sell-off in recent days has been triggered by an unlucky confluence of events and egged on, perhaps inadvertently, by the new Federal Reserve chairman, Kevin Warsh. That points to the conclusion that the pain for Main Street is likely to remain intense for the foreseeable future, even as Wall Street continues to prosper. Read more CNBC politics and policy coverage Russia targets Danube port after one of Ukraine's largest aerial attacks of the warTop U.S. commander acknowledges mental health issues on USS LincolnTrump family-backed crypto firm World Liberty gets conditional bank charter approvalMangione pleads guilty in federal case related to UnitedHealthcare CEO killing Bond traders have spent the summer selling off long-term U.S. government debt, resulting in a sharp steepening of the yield curve. The short end of the curve tends to follow the Federal Reserve's policy rate, while the long end reflects bets on growth and inflation. And while the Fed hasn't budged under Warsh, the market's view about the long end has gotten a lot more muddled lately. The spread between 2-year and 10-year Treasuries has grown by nearly 29 basis points since June 24, according to FactSet data, a large gain in a short period. (One basis point equals 0.01%.) That was driven primarily by an increase in the 10-year, which traded above 4.7% on Tuesday. Stock Chart IconStock chart icon U.S. 10-year Treasury yield, YTD Yields near 5% tend to provoke angst on Wall Street, because they allow investors to earn an alternative robust, risk-free return. Still, a sell-off would have to be deep to reset the economy's winners and losers. The S&P 500 has returned a cumulative 77% over the past three years, according to FactSet data. Stock holdings are concentrated among the wealthiest Americans. Main Street pain Meanwhile, Treasury yields are dragging on Main Street. A swath of consumer debt is heavily influenced by the 10-year yield, including mortgages. A 30-year mortgage will now cost a typical purchaser 6.75%. Frustrated home-buyers who want to know why buying is so tough won't find an easy answer. The clearest trigger for the run-up in bond yields has been the Iran war. Oil is only trickling out of the Middle East, and U.S. refineries are running near maximum capacity. A gallon of diesel cost $5.46 on Tuesday, up 48% from a year ago, according to AAA data. Add to the mix what seems to be an insatiable demand for debt by tech companies to build data centers and other infrastructure for artificial intelligence. That competes with government bonds for investors' interest. Supply-chain bottlenecks for chips and an aging electricity grid have led to price spikes. Technology that was for decades a contribution to slowing inflation has in recent years flipped to raising prices in aggregate. Investors' inflation expectations measured by 5-year breakevens are essentially flat, according to LSEG data. That is keeping a floor under the long end of bond yields. Economists can argue about how to weigh these and other factors. But finger-pointing about exactly what triggered the sell-off "misses the point in my opinion," writes Robin Brooks, senior fellow for economic studies at the centrist think tank the Brookings Institution, in a newsletter Tuesday. "When you have a lot of debt and run unsustainably large budget deficits, you're extremely vulnerable to any old shock that comes along. It's not about the shock, but - instead - the mess we are making of fiscal policy on a global scale," Brooks writes. He is looking at global markets, but there is little dispute that the U.S. is a mess. The U.S. budget deficit is set to come in at around 6.4% of gross domestic product, based on the Congressional Budget Office's recent estimate that the deficit will hit $2.1 trillion for the fiscal year through September. The Trump administration has said that some of the increase in spending is due to the one-time military necessity of the Iran war, and that lower-income households have seen wage increases recently. But it has no obvious plan to cut deficits. What will Warsh do? Warsh, the new Fed chairman, has expressed some sympathy for regular Americans battered by high interest rates. His view is that financial conditions are restrictive on Main Street — particularly in housing — but clearly loose on Wall Street. The question now is whether Warsh will do anything about it. Warsh in July seemed to welcome the rise in bond yields, noting that they have risen in real and nominal terms while the Fed kept its rates steady. "At some level, we haven't done much in 42 days. The markets have done quite a bit," Warsh said. Warsh's seeming acceptance of higher rates prompted traders to push rates still higher. He has also argued that the Fed helped juice Wall Street by putting trillions of dollars worth of Treasurys and mortgage securities on its balance sheet in the years since the financial crisis. But he is yet to convince the rest of the Fed to go along with reversing that, and in the short term, a reduction in the Fed's balance-sheet holdings would put more upward pressure on long-term treasuries and mortgages. Warsh will have an opportunity to nudge the market in a new direction, if he so chooses, when he takes the stage at a closely watched central bankers' conference in Jackson Hole, Wyo., on Aug. 28. He is likely to talk about the state of the economy and how he sees the relationship between the bond market and the Fed. His views on the balance sheet will likely have to wait until a Fed task force on that issue reports back in a few months. Stock Chart IconStock chart icon U.S. 10-year Treasury yield, 5 years Warsh's views in Jackson Hole may help to stem the bond-market selloff and ease the pain on Main Street. But one speech can only do so much, and the Fed can't do anything directly about the balance of government spending and revenue. That, of course, is why Wall Street is thinking ahead. At some point, the bond sell-off will likely hit a point where prices are so attractive that investors will swoop in and start buying again. When the buyers come back, yields will fall. Markets have been through this cycle repeatedly in recent years, with the 10-year yield edging up toward 5%, threatening stocks, and then tumbling back down again. That cycle may not add up to a financial crisis. But unless it eases, it will almost certainly fuel a continuing, slow-burn political crisis. If capitalists don't seize their moment, the socialists will. 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Stocks making the biggest moves premarket: Home Depot, Tesla, Fabrinet, Duolingo & more
Check out the companies making headlines before the bell: Home Depot — Shares gained 1.5% after the home improvement retailer posted fiscal second-quarter results that beat expectations on the top and bottom lines , and reaffirmed its full fiscal year guidance. Adjusted earnings of $4.92 per share topped the $4.73 expected by analysts polled by LSEG. Revenue of $47.86 billion exceeded the forecast $47.27 billion. Tesla — Shares dipped 1.2%. The Information reported that the electric vehicle maker is preparing for an August launch of its Cybercab , a robotaxi without a steering wheel. Fabrinet — The optical product manufacturer dropped more than 9% fourth-quarter earnings and revenue exceeded expectations, and it issued rosy guidance. Fabrinet said usual Q1 expense seasonality is expected to create a temporary margin headwind in fiscal Q1 2027, StreetAccount said. Memory stocks — Memory chip makers were down as a group in premarket trading, with Micron Technology and SK Hynix off by more than 4%, each. Shares of Sandisk were also down more than 4%. Duolingo — The language learning platform rose 3% after D.A. Davidson upgraded Duolingo to buy from neutral. "While we think the market has historically priced the risks related to [daily active users] deceleration and monetization issues effectively, Duolingo is nearing a turning point," the firm said. — With reporting by CNBC's Fred Imbert
The Weekly Closeout: Mud Jeans files for bankruptcy and is the K-shaped economy over?
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. It's been another week with far more retail news than there is time in the day. Below, we break down some things you may have missed during the week and what we're still thinking about. From a Best Buy sneaker to revenue falling at Kate Spade, here's our closeout for the week. What you may have missed Brooks sprints to 14% revenue growth in first half Brooks Running posted a record Q2 and reported revenue grew 14% in the first half of the year. Growth was strong across regions, with the Americas up 9%, Asia-Pacific increasing 10% and revenue surging 39% in Europe, the Middle East and Africa, the retailer said Wednesday. The running brand said it also remained the No. 1 retailer in the U.S. specialty retail footwear market for the sixth consecutive month. Though Brooks did not provide figures for Q2 by itself, sales decelerated noticeably from Q1, when the privately held company reported revenue growth of 23%. Trail running continued to see robust growth in Q2, growing more than 70% year over year, while accessories increased 29%. "Around the globe, running continues to play an increasingly important role for people prioritizing health and wellness in their lives," CEO Dan Sheridan said in a statement. "At Brooks, we aim to give runners the very best product and experiences to pursue that. Our first-half results reflect that focus and the incredible work of our teams globally." Mud Jeans files for bankruptcy Debt led circular denim brand Mud Jeans to file for bankruptcy, CEO and co-owner Dion Vijgeboom said in a post on LinkedIn. "Over the past months, our team worked tirelessly to build a sustainable future for this company," Vijgeboom wrote. "We believed there was a way forward. But despite all our efforts, the financial burden of historic debt ultimately proved too great to overcome." The company said in a Facebook post that it is aware that the bankruptcy raises questions about customer orders, and its repair and take-back services. Mud Jeans said it would inform the public through updates on its website as it learns more. New orders have temporarily been paused. "Mud Jeans is more than a company. It is an idea, a community and a blueprint for what the future of fashion can look like," Vijgeboom said. "We sincerely hope this bankruptcy is not the final chapter, but the beginning of a new one." Retail therapy Best Buy makes a sneaker Story Continues Best Buy debuted a 3D printed sneaker in honor of the company's 60th anniversary, according to a Monday press release. The electronics retailer — not typically known for apparel merchandise — created the sneaker in collaboration with Nexbie, and it features no stitching or glue. The limited-edition product comes in blue and yellow colorways and is priced at about $160. What we're thinking about 7% That's how much revenue at Kate Spade fell in the fourth quarter, reaching $235.1 million. Parent company Tapestry's overall revenue grew 9% year over year to $1.9 billion, driven by a 15% increase at Coach. "Our fourth quarter outperformance capped a year of strong growth, as we meaningfully exceeded expectations and achieved key financial commitments we established at our Investor Day two years ahead of plan," Tapestry CEO Joanne Crevoiserat said in a statement. "Our success is by design, demonstrating the power of our Amplify strategy. Through intentional choices, disciplined execution, and an unwavering focus on the consumer, we have built a stronger, more focused organization." North America, its largest region, saw revenue increase 7%. Revenue in Greater China increased 33% and in Europe 22%. Looking ahead, Tapestry expects fiscal 2027 revenue to be between $8.4 billion and $8.5 billion, representing an increase in the mid-single digits. Operating margin for the year is expected to expand by 50 basis points year over year. What we're watching Is the 'K-shaped economy' over? Bank of America economists are the latest to turn against the letter K in describing the U.S. economy, where the rich get richer and the poor get poorer. For about a year and a half, spending patterns, including those based on Bank of America credit and debit card data, produced a chart resembling the alphabet's 11th letter — higher-income groups spent more, and lower-income groups spent less. More recently, though, spending across income groups is impressively aligned, according to Bank of America Senior Economist David Tinsley. "What we've seen in our data — it's kind of remarkable, really — over the last couple of months, has been convergence," he said in a video conference with reporters Thursday. This doesn't include the top 5% of U.S. households, as their spending continues to outpace the rest by about 1.5 percentage points, likely due to the booming stock market, he said. Heather Long, chief economist at Navy Federal Credit Union, ditched the K shape a while ago in favor of the E, which takes fuller account of middle-income earners. Gas prices are still squeezing consumers, though inflation in July, per the federal government, was in line with expectations, she said Wednesday. Prices eased in key areas like rent, but inflation still "wiping out wage gains for many," she said in emailed comments. "The longer this goes on, the more people will be forced to belt tighten later this year," she said. View Comments
Stocks making the biggest moves premarket: Reddit, Applied Materials, Sandisk, Wayfair & more
Check out the companies making the biggest moves premarket: Reddit — The social media platform surged 12% after S & P Dow Jones Indices said Reddit would join the S & P 500, starting Aug. 18. The company will replace AvalonBay Communities. Applied Materials — Shares lost more than 5% in premarket trading after the semiconductor manufacturing equipment maker posted Q2 results that failed to impress investors. The company earned an adjusted $3.50 per share on revenue of $9.12 billion. Sales within its key semiconductor systems division came in at $7.04 billion, only slightly above a FactSet consensus of $6.96 billion. Wayfair — The online furniture retailer gained 4% after getting an upgrade from Bernstein to outperform from market perform. ""In a furniture market that is not growing, Wayfair is putting up [high single-digit] revenue growth in the US," analysts at the firm wrote . Workday — Shares were up around 2%. Workday rallied nearly 18% on Thursday — its best session in 10 years — after Reuters reported that private equity firm Silver Lake was in talks to buy the company. Fox Corporation — The media company gained 2% after getting upgrades from JPMorgan and Wells Fargo. Analysts at both banks pointed to momentum in Roku, which Fox is acquiring for $22 billion . Sandisk — The memory name climbed 5% after an analyst at JPMorgan upgraded the stock to overweight from neutral. "Sandisk's 'New Business Model' long-term agreements have structurally reset its margin profile higher and materially reduced cyclicality by converting the majority of its business into long-dated, high-margin, take-or-pay-style revenue," the analyst said.
China’s Credit Growth Exceeds Forecasts Despite Rare Loan Slump
(Bloomberg) -- China's credit expansion held up better than expected in July, but weak borrowing demand among households and businesses pushed loans into a worse-than-forecast contraction. Most Read from Bloomberg Selena Gomez Accused of Fraud by Mental-Health Startup Investors Costliest US Bond Sale Since 2001 Is Investor Warning to Bessent Anthropic in Talks to Buy AI Startup Decart for $6 Billion Walter Sells Lakers, Seeks More Cash to Pay Loans Amid DOJ Probe Phoebe Gates Knew Phia Shopping App Took Credit for Sales It Didn't Drive Aggregate financing, a broad measure of credit, increased 1.4 trillion yuan ($209 billion), according to Bloomberg calculations based on data released by the People's Bank of China on Friday. That compares with a median forecast of 1 trillion yuan by economists in a Bloomberg survey and an expansion of 1.1 trillion yuan recorded a year ago Financial institutions recorded a contraction of 340 billion yuan in new yuan loans in the month, reflecting net repayment of debt. The median forecast was for a drop by 100 billion yuan The new loans gauge has only contracted twice in the past two decades prior to the latest release. Credit activity tends to fall sharply in July as banks typically ramp up lending at the end of the second quarter. Economists expect underlying demand to remain weak even after accounting for seasonal effects. China has suffered from sluggish lending growth for several years now, with its once-powerful credit cycle that used to move global markets no longer a factor. The central bank has said that's in part due to the economy's transition away from property-fueled growth toward tech sectors that rely less on loans. Bond financing recently overtook loans in the mix of new credit for the first time, driven by surging sales of government debt. Government bond sales of around 1.2 trillion yuan last month likely remained the most important driver of financing, Citigroup Inc. economists said in a report before the data release. Most Read from Bloomberg Businessweek The Optimization Backlash Has Begun AI Music Startup Suno Bets Anyone Can Be a Rock Star The Midwest City Keeping the American Dream Alive for First-Time Homebuyers The Steamy, Magical and Now Very Lucrative Romantasy Business With EV Sales Slowing, Hybrid Cars Are Hot Again ©2026 Bloomberg L.P. View Comments
The Bugatti Veyron is the collector world's next big thing: Hagerty
For years, the Bugatti Veyron was the supercar that shattered every performance record, only to quietly stall in the one area that hurt collectors: auction values. The world's first hypercar, with only 450 units built across all variants between 2005 and 2015, struggled to find its audience even when it was new. But now that's changing. "Last year we started seeing it in the data — it was kind of like the year of the Bugatti," said Hagerty CEO McKeel Hagerty, whose company is the world's largest insurer of collector cars. Since 2021, Hagerty data shows Veyrons gained roughly 20% in value. The earliest cars are up 29% to an average of about $1.9 million. And the people chasing them now skew younger than buyers of a current Porsche 911.The Bugatti Veyron Super Sport.·Pras Subramanian Hagerty traces the shift to a tectonic move in the market. "Newer cars are now considered collectible," he said, a change driven — as so much is in the auto world — by Ferrari. Vintage Ferraris from the 1950s and '60s have gone flat, he noted, "but flat against a very high number." The real demand is in the modern Ferrari machinery, where years-long waiting lists have become an engine of the secondary market. "Ferrari's wait list is so long that it pushes people into other brands," Hagerty said. McLaren benefited. So did Porsche. The Veyron, he argues, got swept into that same current of buyers who want something rare and want it now. There is also a generational twist. The buyers are younger, but the older generation is inspired too. "I know three new Veyron buyers who bought it because they said, 'Well, I want something so my grandkids will think I'm cool,'" he said. "And I'm like, OK. Rock on. Why not?" Read more: How to find the best luxury car insuranceThe Bugatti Veyron Super Sport.·Pras Subramanian Hagerty and Bugatti offered limited drives of the very first Veyron Super Sport, which debuted at Monterey in 2010. While I wasn't able to really let the car loose, I was surprised by how modern the 16-year-old car felt. In fact, it felt brand new, with a firm yet supple ride in some respects, incredibly easy power that came on gradually, and a comfortable interior with leather everywhere. It's the perfect car to take to the track at screaming-high speeds, then drive home on the back roads afterward. It may also be why the newer collector covets relatively modern hypercars, because they are easier to live with. Which brings Hagerty to economics. Ask whether a K-shaped economy exists in the collector-car world, and he doesn't hesitate. "Like the two upper levels of a K," he said. "When people are paying a lot of money for cars, it's because there was a big liquidity event." Company sales, IPOs, and an overheated stock market — all of it against a backdrop of tariffs, high rates, and global conflict that "freaks people out." The result is a gold rush at the very top, largely indifferent to the anxiety in the lower rungs of even the modestly wealthy. Story Continues The Bugatti Veyron Super Sport.·Pras Subramanian Hagerty has watched the acceleration up close with many of his clients. "The number of $100 million car collections built in a matter of months, rather than decades, is very different right now," he said. Is it investment or indulgence — who knows. "It's a fun thing. You sell your company for a billion dollars — why not?" From the inside, the Veyron looks like the car anyone with big money to burn, and a limber back, would want. Pras Subramanian is Lead Auto Reporter for Yahoo Finance. You can follow him on X and on Instagram. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance View Comments
Stocks making the biggest moves premarket: Tapestry, Yeti, Bullish, StubHub, Cerebras & more
Check out the companies making the biggest moves in premarket trading: Tapestry — The parent of Kate Spade and Coach dropped 7% on underwhelming results for the fiscal fourth quarter . Tapestry earned $1.32 per share on revenue of $1.88 billion. While earnings were above the FactSet consensus of $1.28 per share, revenue only just exceeded a $1.87 billion estimate. The company did increase its quarterly dividend to 46.25 cents per share from 40 cents per share Yeti — The drinkware and cooler maker slipped nearly 4% after the company reported mixed second-quarter results. Yei earned an adjusted 67 cents per share, topping a FactSet consensus estimate of 54 cents per share. Revenue, meanwhile, came in at $483.9 million, just above a $483.8 million estimate. Birkenstock — The U.K.-based shoe company jumped 10% after its quarterly revenue and adjusted earnings before interest, taxes, depreciation, and amortization beat expectations. Birkenstock also said it expects its full-year revenue and adjusted EBITDA to come in at the high end of its prior guidance. Bullish — Shares added 1% on the back of Bullish's second-quarter results. Revenue came in at $92.6 million, topping the $87.4 million expected from analysts polled by FactSet. The company also raised its full-year guidance for subscription, services and other revenue. JD.com — U.S.-listed shares of the Chinese e-commerce company fell roughly 4%, despite posting a beat on the top and bottom lines. JD.com's adjusted earnings were 6.29 yuan per share, versus the FactSet consensus estimate of 5.61 yuan. Revenue decreased year over year to 346.4 billion yuan, but still topped the 342.33 billion expected from analysts. EnerSys — The battery manufacturer jumped 13% after its quarterly earnings and revenue handily topped Wall Street's expectations. EnerSys saw adjusted earnings of $3.66 per share for its fiscal first quarter, versus the $2.84 billion expected from analysts polled by FactSet. Revenue was $935.6 million, compared to the $928 million consensus estimate. The company's second-quarter EPS guidance also topped expectations. Grocery Outlet — The grocer reported EPS of 20 cents for its second quarter, versus the 13 cents expected from analysts, per FactSet. Revenue was $1.19 billion, versus the $1.17 billion consensus estimate. Shares gained 9%. Jack in the Box — The fast food chain gained more than 6% on better-than-expected earnings for the company's fiscal third quarter. Jack in the Box earned 96 cents per share, topping a FactSet estimate of 88 cents per share. Red Robin Gourmet Burgers — The restaurant chain posted second-quarter results that beat analyst expectations, sending shares higher by nearly 4%. Red Robin earned 12 cents per share, excluding certain items, on revenue of $277.6 million. Analysts expected the company to break even on revenue of $265.8 million. Coherent — The photonics company lost 5% in extended trading after adjusted gross margin for the fourth quarter was roughly in line with estimates. Non-GAAP gross margin was 40.2%, while the StreetAccount consensus estimate anticipated 40%. Guidance for first quarter earnings and revenue surpassed analysts' expectations. Cerebras Systems – Shares of the artificial intelligence chip manufacturer tumbled nearly 18%. Revenue in the second quarter came in at $180 million, versus the $194 million LSEG consensus estimate. StubHub – The secondary marketplace for event tickets lost almost 17%. Adjusted gross margin in the second quarter came in at 82.2%, while the StreetAccount consensus called for 84.3%. The company also reaffirmed its full-year outlook for adjusted EBITDA. Cisco Systems – Shares fell 6%. Adjusted gross margin for the fourth quarter only narrowly beat estimates, coming in at 66.3% versus the StreetAccount consensus call for 66%. — CNBC's Darla Mercado and Fred Imbert contributed reporting.
Stocks making the biggest moves after hours: Cisco, Jack in the Box, Cerebras, StubHub & more
Check out the companies making the biggest moves after the bell: Jack in the Box — The fast food chain gained more than 1% on better-than-expected earnings for the company's fiscal third quarter. Jack in the Box earned 96 cents per share, topping a FactSet estimate of 88 cents per share. Red Robin Gourmet Burgers — The restaurant chain posted second-quarter results that beat analyst expectations, sending shares higher by nearly 2%. Red Robin earned 12 cents per share, excluding certain items, on revenue of $277.6 million. Analysts expected the company to break even on revenue of $265.8 million. Coherent — The photonics company lost almost 3% in extended trading after adjusted gross margin for the fourth quarter was roughly in line with estimates. Non-GAAP gross margin was 40.2%, while the StreetAccount consensus estimate anticipated 40%. Guidance for first quarter earnings and revenue surpassed analysts' expectations. Cerebras Systems – Shares of the artificial intelligence chip manufacturer tumbled 14%. Revenue in the second quarter came in at $180 million, versus the $194 million LSEG consensus estimate. StubHub – The secondary marketplace for event tickets lost more than 15%. Adjusted gross margin in the second quarter came in at 82.2%, while the StreetAccount consensus called for 84.3%. The company also reaffirmed its full-year outlook for adjusted EBITDA. Cisco Systems – Shares fell 3%. Adjusted gross margin for the fourth quarter only narrowly beat estimates, coming in at 66.3% versus the StreetAccount consensus call for 66%.
Stocks making the biggest moves midday: Wendy's, H&R Block, Quantinuum, CoreWeave, Cava & more
Check out the companies making the biggest moves midday: Wendy's — The fast food chain jumped 13% after The Financial Times reported, citing sources, that Nelson Peltz' Trian Fund Management was preparing a bid to take the company private. National Vision — Shares of the optical retail company tumbled 6% after full-year guidance failed to impress Wall Street. National Vision sees adjusted earnings in a range of 94 cents to $1.09 per share on revenue of $2.037 billion to $2.076 billion. Analysts polled by FactSet sought 96 cents a share and $2.06 billion. Aecom — The construction developer dropped 6% on weak results for its fiscal third quarter. Aecom reported revenue of $3.59 billion, down around 14% year over year. Net service revenue in the Americas came in at $808.4 million, below a FactSet forecast of $1.24 billion. Quantinuum — Shares rallied more than 21% after the quantum computing company issued better-than-expected revenue guidance for 2026. Quantinuum expects full-year revenue in a range of $28 million to $32 million. Analysts polled by FactSet anticipated an outlook around $26.5 million. Velo3D — The 3D printing tech company jumped 12% after raising its revenue outlook for the full year. Velo3D sees revenue in a range of $65 million to $75 million, up from its earlier call for $60 million to $70 million. The FactSet consensus anticipated $64.4 million. Super Micro Computer — The data center infrastructure stock rallied 14% after Super Micro Computer issued rosy guidance for first quarter earnings and revenue, in addition to exceeding fourth quarter estimates. The company expects adjusted earnings in the range of $1.01 to $1.10 per share, far above the LSEG consensus estimate of 76 cents per share. Revenue guidance in the range of $14.5 billion to $15.5 billion also topped the anticipated $11.68 billion. CoreWeave — The artificial intelligence cloud company saw shares gain 18%. Second quarter adjusted operating income margin came in at 5% compared to the StreetAccount consensus estimate of 2.7%. Revenue of $2.58 billion was up 112% from the year-ago period, and it came in ahead of the $2.56 billion expected, per the LSEG consensus estimate. Lumentum Holdings — Shares rose 15% after the maker of optical and photonic products posted fourth quarter adjusted earnings and revenue that exceeded expectations. The AI beneficiary has had a blockbuster year thus far, having more than doubled year to date. Nebius Group — The AI infrastructure stock jumped more than 25% after the company reported better-than-expected EBITDA and revenues compared to analysts polled by FactSet's consensus estimates. Gross margins were also stronger than estimates too. Coherent — The optoelectronic devices manufacturer was boosted by Lumentum's earnings, ahead of its own set to be delivered after the bell on Wednesday. Shares jumped more than 9%. H & R Block — Shares surged 15% after H & R Block issued an upbeat forecast for the 2027 fiscal year. The company sees adjusted earnings in a range of $6.04 to $6.24 per share on revenue of $4.11 billion to $4.16 billion. That compares to the LSEG consensus estimate of $5.86 per share and $4.05 billion. Kontoor Brands — The apparel company gained 7% after second quarter earnings slightly beat expectations, and the company raised its full-year earnings guidance above consensus estimates. Revenue came up short, however: Kontoor generated $584 million in revenue, compared to the FactSet consensus estimate for $587 million. Cava Group — Shares of the Mediterranean fast-casual restaurant chain jumped 12% after reporting second quarter earnings of 19 cents per share, topping the LSEG consensus estimate of 18 cents a share. Revenue of $368.4 million topped the anticipated $361 million. — CNBC's Darla Mercado and Fred Imbert contributed to this report.
Monterey Car Week 2026: 3 things to watch as the crowds descend
Every year, Yahoo Finance attends Monterey Car Week, and it keeps getting bigger and bigger — and not without some controversy. The week, spanning 10 days leading up to Sunday's Pebble Beach Concours d'Elegance classic car competition, is expected to bring in more than 100,000 visitors to the Monterey Peninsula. While it's good for the economy, some locals have grown weary of all the visitors to the peaceful setting and, of course, the new generation of car fans. Even the world-famous Pebble Beach competition is in the midst of a shake-up. But the people are here to see priceless classic cars, of course, and the days and nights are jam-packed with auctions, new luxury car reveals, and a ton of automotive news and CEO talk. There's a lot to look out for during this hectic week — the "carparazzi" and overflowing flutes of champagne notwithstanding — so here are the three really big things to watch. The classic car market looks to rebound — in a big wayThe Bugatti Veyron Super Sport.·Bugatti After a somewhat down year, the expectation is that the big auctions should return to past glory. Per classic car insurer Hagerty (HGTY), last year saw a downbeat $432.7 million in total sales across the big auctions run by houses like Bonhams, RM Sotheby's, Gooding & Company, and Hagerty's own Broad Arrow. But this year, Hagerty projects it could nearly reach the $500 million mark, with the company's experts forecasting $496 million in sales at the optimistic top end, the highest amount since 2022. Hagerty predicts big auction results from Monterey Car Week.·Hagerty "Live auction sales are up 28% over the past 12 months and, with the stock market nearing record highs, we expect strong bidding," Hagerty CEO McKeel Hagerty said in a statement to Yahoo Finance. "Additionally, we're seeing younger collectors increasingly chasing the cars they grew up dreaming about." Hagerty added that while vintage Ferraris (RACE) usually drive results, more modern vehicles will continue to gain share, with modern supercars (1984 to present) expected to account for 60% of sales this year. Read more: How to find the best luxury car insurance New vehicle reveals may overshadow the classicsThe Lamborghini SV (Super Veloce) at the Hockenheimring race track.·Lamborghini While the Concours d'Elegance on Pebble Beach's 18th green is the highlight, several luxury and exotic automakers leverage the publicity — and, of course, the high-net-worth buyers milling about Monterey — to unveil their latest and greatest creations. Among the highly anticipated reveals are rumored concepts and limited-run production cars. The Gig One is a more hardcore, faster version of the Lamborghini (VWAGY) Revuelto V12 supercar, which once again resurrects the SV (Super Veloce) trim. Expect more power, less weight, and more aggressive aero as confirmed by spy shots. A heavily camouflaged Revuelto SV set a production-car lap record at the Hockenheim test track. Story Continues Ultraexclusive hypercar maker Bugatti, which usually sets records for its priceless classic cars, will also debut a one-of-one special edition. The Destrier takes a Bolide track car and strips away the aero bits to make it more slippery and downright sexy. The car sits stunningly low, with a roof height less than three feet above the ground. While it was revealed online, it debuts at the Quail event on Friday. Not to be outdone, Ferrari will publicly debut the 12Cilindri Manuale, with its innovative manual transmission that also doubles as an automatic. Ferrari will, of course, debut something radical as well, something the carmaker will only call the newest "One-Off from the Special Projects Division."The Ferrari 12Cilindri Manuale, a limited-edition special series of the Ferrari 12Cilindri, introduces Ferrari's new in-house-developed Manuale By-Wire system.·Ferrari Britain's Aston Martin (ARGGY) will be on hand to unveil a trio of special-edition DB12 S sports cars by its in-house bespoke service. But more intriguing is that the company that makes the James Bond cars changed its social logo to red and posted a teaser yesterday, claiming, "We've been keeping something quiet," hinting at a bigger reveal. We'll see when Aston has its presentation at the Quail on Friday. Speaking of British brands, McLaren will be on hand with something big. A new supercar is reportedly coming and may tie in to founder Bruce McLaren, offering a more old-school vibe. The British brand is being tight-lipped, but we shall see what comes to pass this week. Even more mainstream brands, like Cadillac (GM) and Acura (HMC), have reveals planned. Cadillac already announced its Curated by Cadillac Escalade IQ, but the company has teased a motorsports-derived concept coming this Friday at the Quail, which, given its exploits in Formula One and endurance racing, should be very interesting. Acura is looking to reset the brand's design language with a reveal at the Quail event in Monterey. Supposedly, the new design language is expected to debut on the next-gen RDX — a premium sibling to the Honda CR-V — before reaching production, as Honda pivots toward hybrids. CEOs and the high-net-worth economyFlexjet, a fractional private jet and helicopter transportation company, was among the exhibitors at the Quail Lodge and Golf Club during the Quail, a Motorsports Gathering on Aug. 19, 2022, in Carmel-by-the-Sea, Calif. (Don Feria/AP Images for Flexjet)·ASSOCIATED PRESS With all the big, highly anticipated debuts and surprises during the week, naturally, C-suite execs will be there basking in the limelight, pitching new cars to gathered press, and in some cases, helping to seal the deal with clients. And it's those clients who are a big focus for the execs. Market strategists, economists, and even the Treasury secretary have talked a lot about the K-shaped economy, where, at the upper end, consumers are spending more and enjoying the benefits of stock and other asset ownership, while the bottom end suffers from inflation and weaker job prospects. The big question: How much juice does the luxury consumer, or high-net-worth individual, have left? Stocks are at all-time highs, and so far we've seen luxury brands try to cater to more of the richest cohort. Lamborghini CEO Stephan Winkelmann is seen at the Quail, a Motorsports Gathering on Aug. 16, 2024, in Carmel, Calif. (Matt Jelonek/Getty Images)·Matt Jelonek via Getty Images With that said, Lamborghini CEO Stephan Winkelmann will be on hand to show off the company's new ultraexclusive Reventon creation, along with rival McLaren's CEO Nick Collins, looking to right the ship with the company's own ultraexclusive offering. Aston Martin's Adrian Hallmark and, of course, Bugatti CEO Mate Rimac will be on hand to talk about what's next for the hypercar maker. Yahoo Finance will be speaking to these CEOs and many more during the week. So far, all of the execs are saying the same thing: Business is good, and the order books are full enough, meaning production for the year is already spoken for. The question is: Will the luxury pie, if you will, of consumers keep getting bigger, or will these exclusives have to start fighting for smaller and smaller slices? Pras Subramanian is Lead Auto Reporter for Yahoo Finance. You can follow him on X and on Instagram. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance View Comments
Stocks making the biggest moves premarket: CoreWeave, Super Micro Computer, Nebius, Cava & more
Check out the companies making the biggest moves premarket: Super Micro Computer — The data center infrastructure stock rallied more than 7.5% after Super Micro Computer issued rosy guidance for first quarter earnings and revenue, in addition to exceeding fourth quarter estimates. The company expects adjusted earnings in the range of $1.01 to $1.10 per share, far above the LSEG consensus estimate of 76 cents per share. Revenue guidance in the range of $14.5 billion to $15.5 billion also topped the anticipated $11.68 billion. CoreWeave — The artificial intelligence cloud company saw shares gain more than 18.5%. Second quarter adjusted operating income margin came in at 5% compared to the FactSet consensus estimate of 2.7%. Revenue of $2.58 billion was up 112% from the year-ago period, and it came in ahead of the $2.56 billion expected, per the LSEG consensus estimate. Lumentum Holdings — Shares rose more than 8% after the maker of optical and photonic products posted fourth quarter adjusted earnings and revenue that exceeded expectations. The AI beneficiary has had a blockbuster year thus far, up more than 120% year to date. Nebius Group — The AI infrastructure stock jumped more than 12.5% after the company reported better-than-expected EBITDA and revenues compared to analysts polled by FactSet's consensus estimates. Gross margins were also stronger than estimates too. Coherent — The optoelectronic devices manufacturer was boosted by Lumentum's earnings, ahead of its own set to be delivered after the bell on Wednesday. Shares jumped more than 5.5% in premarket trading. The stock rose more than 65% during the company's fiscal fourth quarter. H & R Block — Shares surged 11% after H & R Block issued an upbeat forecast for the 2027 fiscal year. The company sees adjusted earnings in a range of $6.04 to $6.24 per share on revenue of $4.11 billion to $4.16 billion. That compares to the LSEG consensus estimate of $5.86 per share and $4.05 billion. Kontoor Brands — The apparel company tumbled nearly 3% after it reported weaker-than-expected revenue in the second quarter. Kontoor generated $584 million in revenue, compared to analysts polled by FactSet's estimates for $587 million. Earnings slightly beat expectations, and the company raised its full-year earnings guidance above consensus estimates. Cava Group — Shares of the Mediterranean fast-casual restaurant chain jumped almost 12% after reporting second quarter earnings of 19 cents per share, topping the LSEG consensus estimate of 18 cents a share. Revenue of $368.4 million topped the anticipated $361 million. Software stocks — As the AI trade names were among the winners in the S & P 500 in premarket trading Wednesday, software names were among some of the index's biggest losers. Workday and Salesforce were off more than 1.5%, while Palantir Technologies and ServiceNow were down more than 1%. — CNBC's Darla Mercado contributed to this report.
Stocks making the biggest moves after hours: Super Micro Computer, CoreWeave, H&R Block and more
Check out the companies making headlines after hours. Super Micro Computer — The data center infrastructure stock rallied more than 8% after Super Micro Computer issued rosy guidance for first quarter earnings and revenue, in addition to exceeding fourth quarter estimates. The company expects adjusted earnings in the range of $1.01 to $1.10 per share, far above the LSEG consensus estimate of 76 cents. Revenue guidance in the range of $14.5 billion to $15.5 billion also topped the anticipated $11.68 billion. CoreWeave — The artificial intelligence cloud company saw shares gain 14%. Second quarter adjusted operating income margin came in at 5% compared to the StreetAccount consensus estimate of 2.7%. Revenue of $2.58 billion was up 112% from the year-ago period, and it came in ahead of the $2.56 billion expected, per the LSEG consensus estimate. Lumentum Holdings — Shares were marginally lower even after the maker of optical and photonic products posted fourth quarter adjusted earnings and revenue that exceeded expectations. The AI beneficiary has tumbled more than 22% over the last three months. However, it's had a blockbuster year thus far, up more than 120% year to date. H & R Block — Shares surged 15% after H & R Block issued an upbeat forecast for the 2027 fiscal year. The company sees adjusted earnings in a range of $6.04 to $6.24 per share on revenue of $4.11 billion to $4.16 billion. That compares to the LSEG consensus estimate of $5.86 per share and $4.05 billion. Cava Group — Shares of the Mediterranean fast-casual restaurant chain jumped almost 7% after reporting second quarter earnings of 19 cents per share, topping the LSEG consensus estimate of 18 cents a share. Revenue of $368.4 million topped the anticipated $361 million. — CNBC's Darla Mercado contributed to this report.
Bugatti & Lamborghini at Monterey Car Week: How luxury brands target ultra-rich
Yahoo Finance Senior Autos Reporter Pras Subramanian previews Monterey Car Week 2026, highlighting projected auction totals approaching $500 million, major public debuts from luxury brands like Bugatti and Lamborghini, and how automakers are targeting ultra-high-net-worth consumers. Video Transcript 00:00 Pras You know, the classic car market is had been booming in recent years, right? From I guess early mid mid teens to the 20s in and during pandemic and then there was a little bit of a cool down because values were skyrocketing so much. So Hagerty found that last year they tabulated all the the big auctions that happened around Monterey Car Week and it was about around $432 million. Uh, a bit of a downbeat year, uh considering sort of the recent sort of uh auction values. But this year, they project nearly 500 million that could be crossed across all the three different major auctions here. Uh, and I mean the most since 2022, right? So I spoke to McKeel Hagerty, uh gave a statement here. He's talking about how live auction sales this year are up 28% in the last 12 months. This used to be a much more staid event, lot of older pre-war cars. And then the automakers themselves, especially the luxury brands sort of coming out and noticing this is a good place to sort of reveal new cars, right? 00:59 Pras That's sort of what they see and say as as a way to kind of get a lot of attention. You got a lot of buzz, a lot of high network people here and it makes a lot of sense to do that. We have a lot of CEOs walking around, a lot of car reviews, a lot of car reveals, sorry. Uh, especially at the Quail event on Friday. A couple ones I'm looking forward to. Lamborghini's going to have a new Revuelto on, it's probably be the SV which is a super Veloce version, so a more higher performance, hardcore version. Bugatti of course, uh, synonymous, synonymous with with Monterey, has a has a car called the Destriate. That's a basically a Bolide track car that they've stripped away the aero bits to make it more slip slippery. Uh, and and of course there's Ferrari and McLaren and those guys will all be there, uh, putting out their their latest version. But there's the Bugatti there. I think it's just looks really, really interesting. They showed it online, but this is the first public debut, uh, will happen this week. 02:00 Speaker B There's going to be a lot of auto CEOs at this show, right? Kind of walking around, Pras. Um, for you, what in your opinion, as someone who's who's hit this show a lot, what do you think right now the biggest questions are for the luxury auto makers? 02:21 Pras McKeel Hagerty talked about how stocks are at all-time highs and he expects, you know, good high bidding for these cars, right? So that lends us to sort of talk about what are these guys as CEOs talking about when it comes to the ultra high net worth consumer, right? I think we'll hear a lot more about the K-shaped economy because I think there's so much, you know, the question is how much juice is left there with the luxury consumer, that ultra high network people. We were hearing about how that that subset, that cohort of people has been growing crazily. Uh are automakers gonna keep trying to reach them? Are they gonna come out with more and more exclusive cars? I think we're sort of seeing that there with with the Ferraris and McLarens and and Bugattis of the world, uh putting off one-off, higher end pieces, higher end cars that they they can kind of trickle down, make a halo effect and then they're going to be sort of using those high net worth people as a way to bridge more uh consumers into their into their brands. I think there's gonna be a lot of talk about, can you keep milking that high net worth consumer? View Comments
Google cofounder Sergey Brin has now spent $100 million to fight California’s proposed billionaire tax—he could owe $13 billion if he loses
Google cofounder Sergey Brin has now spent more than nine figures combating California's proposed wealth tax. According to a filing from Friday, Brin donated an additional $20 million to Building a Better California, a PAC and political advocacy organization opposing the state's billionaire tax and supporting other pro-business policies and housing and infrastructure affordability. He has now given a total of $102 million to the group. Proposition 40, which will be on the ballot in November, would impose a one-time, 5% tax on California's 200 billionaires, with 90% of the revenue from the proposed measure going toward the state's health care program and 10% going toward education, food assistance, and administration. Brin, with a net worth of nearly $270 billion, could owe more than $13 billion as a result of the tax. California, the most populous state, has become the epicenter of the conversation around the K-shaped economy, or the diverging fortunes of those with wealth and those without it. While the Golden State has a $4 trillion GDP, making its economy about the same size as the United Kingdom's, it also has 18% of its residents living below the poverty line, the highest in the country, in part because of its high cost of living. Billionaires push back against Prop 40 The ballot measure has caused an uproar among some of California's wealthiest individuals such as former Google CEO Eric Schmidt and PayPal cofounder Peter Thiel, both of whom have donated to organizations against the measure. Brin compared the proposal to his socialist Soviet upbringing. "I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don't want California to end up in the same place," he told the New York Times in a statement in April. California Gov. Gavin Newsom has joined these tech billionaires in combating the measure, arguing the tax would hurt the state by eroding its tax base, ultimately reducing key revenue for social services. "The fact is it actually will reduce investments in education," Newsom said in a Bloomberg Businessweek interview earlier this year. "It will reduce investments in teachers and librarians, childcare. It will reduce investments in firefighting and police." The opposition to Prop 40 may in some ways be a self-fulfilling prophecy, as billionaires including Brin shift business entities out of California in favor of states without similar wealth taxes. Brin now lists Nevada as his residence, according to state records. Larry Page, who cofounded Google alongside Brin, has converted several of his assets out of California, including Koop, his family office, which was incorporated in Delaware in December 2025. Oceankind, an ocean science nonprofit founded by Page's wife, Lucy Southworth, in 2018, was similarly incorporated in Delaware around the same time. Brin, for his own part, reportedly bought a $51 million home near Miami Beach in March. Story Continues Will a wealth tax drain California? There's not yet clear evidence to indicate these billionaires' anxieties about the future of California are well-founded. On one hand, the six billionaires expected to leave California—Brin, Page, Thiel, as well as car loan magnate Don Hankey, former Uber CEO Travis Kalanick, and director Steven Spielberg—would have collectively generated about $27 billion in tax revenue, about one-fourth of the $100 billion the proposal is expected to raise through taxes over five years. On the other hand, billionaires were already paying so little in California income tax that their departure may not pack as much of a punch as anticipated. A working paper published by the National Bureau of Economic Research in May noted that billionaires residing in the state paid $4.1 billion in income tax last year, about 0.2% of their collective $2 trillion net worth, meaning that even if every billionaire were to leave the state, it would take about 25 years for lost income tax revenue to cancel out the $100 billion sum California is projected to get from the tax. Even if a billionaire mass exodus included one-quarter of the state's wealthiest residents, it would take a century to equal the $100 billion windfall. "The proposed one-off California billionaire tax of 5%, payable over five years, is both small relative to California billionaires' wealth gains and large relative to the taxes they currently pay," the authors wrote. This story was originally featured on Fortune.com View Comments
Home sales slipped again in July as rising mortgage rates discouraged buyers
Home sales declined for the second straight month in July as rising mortgage rates and high prices discouraged buyers. Sales of existing homes slid 1.7% in July from a month earlier to a seasonally adjusted annual rate of 4.06 million, according to National Association of Realtors data released on Tuesday. Economists had been expecting a smaller 1% decline. The drop is the latest sign that the housing market remains essentially frozen due to limited affordability. Mortgage rates rose from 6.43% to 6.66% over the course of July, while home prices were up 2% from a year ago to a median of $434,100. In one bright spot, home sales saw a small 0.7% jump from a year ago, driven by more activity in the Midwest and the West, and sales in the first seven months of the year are up 2.4% year over year. But the second half of the year has the potential to underwhelm. Homebuying and selling activity is typically the strongest in the spring months, and last week, Zillow said that July may represent a market peak as buyers become discouraged by the highest mortgage rates in more than a year. "Just in terms of economic capacity, mortgage rates at 6% have a huge impact on how many people can buy versus the current mortgage rate of around 6.7%," NAR chief economist Lawrence Yun said. Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance. View Comments
Stocks making the biggest moves premarket: Riot Platforms, Hims & Hers Health, Intel & more
Check out the companies making the biggest moves premarket: Intel – The chipmaker fell slightly after upsizing a common stock offering to $20 billion from $15 billion. The proceeds, Intel said, would be used for " general corporate purposes ." Hims & Hers Health – Shares fell 6% after the telehealth company trimmed the upper end of its full-year EBITDA outlook. Hims & Hers also posted a net loss of 37 cents per share for Q2, compared with a profit of 17 cents per share in the prior year. Riot Platforms – The crypto miner rallied nearly 20% after its second-quarter revenue topped analyst expectations. Riot's top line clocked in at $174.2 million, while analysts polled by FactSet expected revenue of $154.3 million. The company also announced a 191-megawatt data center lease deal with "a Leading Frontier AI Lab." Plug Power – Shares rallied 13% after the electrical equipment manufacturing company reported a smaller-than-expected loss for the second quarter. First Solar – The solar panel maker popped more than 3% after Baird upgraded the stock to outperform from neutral. The firm also hiked its price target on shares to $318, signaling more than 30% upside. Among the reasons for the upgrade, Baird cited "upcoming benefits from a strong utility-scale market at both fundamental and stock level." Cardinal Health – The drug and medical equipment distributor moved nearly 2% higher following its mixed fiscal fourth-quarter results . Cardinal Health reported adjusted earnings of $2.60 per share, topping the $2.42 a share expected from analysts polled by FactSet. Its revenue of $63.67 billion, however, fell short of the $65.15 billion consensus estimate. The company's full-year EPS guidance also beat expectations.
Wall Street just endorsed Jensen Huang's 'big concept' for AI. What now?
The first three-plus years of the artificial intelligence buildout has been paid for through record amounts of equity and debt issued by the world's leading tech companies, some of whom are spending so much of their existing capital that they've turned cash-flow negative. Nvidia CEO Jensen Huang just revealed what he expects to be the next phase of financing, backed not by corporate balance sheets, but by Wall Street's top power brokers. In an interview with CNBC on Monday, Huang called his plan a "big concept," unveiling it on camera alongside leaders from Goldman Sachs, BlackRock, Blackstone, KKR, Apollo and Brookfield. Together, those firms say they're willing to loan $500 billion, and potentially more, for the construction and buildout of new AI factories, as chipmakers and hyperscalers race to meet seemingly endless demand. Huang and his big-money partners, one by one, described what they view as a fundamental shift in the tech industry: AI infrastructure has become a new asset class. "These systems are not like our PCs, not like our phones," Huang told CNBC's Becky Quick. "These are revenue-generating assets now. They're productive, they're long lived, they're fungible, they're flexible." VIDEO34:5834:58 Watch CNBC's full panel with Nvidia's Jensen Huang, BlackRock's Larry Fink, Goldman Sachs' David Solomon, and other top Wall Street executives The discussion was thin on specifics as far as the types of borrowers that will emerge, what interest rates will look like, where the facilities will be constructed and when it will all kick off. Their joint press release said the companies had signed memos of understanding, with no reference to any contracts. The details matter. Almost 11 months ago, Nvidia announced a partnership to invest up to $100 billion in OpenAI as part of a plan to build out data centers requiring a combined 10 gigawatts of power. That investment never materialized, but Nvidia contributed $30 billion to the record-breaking funding round that OpenAI closed earlier this year. Monday's announcement struck a different tone, with the companies collectively pushing the message that money won't be the problem as the AI buildout hits what McKinsey expects will be $7 trillion in global outlays by the end of the decade. 'These are real assets' So far this year, Alphabet, Amazon, Meta, Microsoft and Oracle have raised well over $150 billion combined by selling debt and equity to build data centers and fund the development of new AI models and support the explosion of AI agents. Intel just announced a $15 billion stock offering, then upsized it to $20 billion. Financial firms are now gearing up to jump into the market in a different way, as executives like Goldman Sachs CEO David Solomon and KKR's Waldemar Szlezak see AI equipment attaining familiar money-making characteristics. "You're starting to see, in a sense, you know, asset-based financing against this infrastructure buildout," Solomon said on the CNBC panel. "That's not surprising because these are real assets. They have real value." Instead of seeing supercomputers as devices that customers buy and use — the argument goes — these systems, filled with Nvidia's graphics processing units that can cost $3 million per rack, look like profitable investments. Huang says the systems can be improved through his company's CUDA software, and their lifespans extended, leading to better economics. "You can think about it as a revenue stream, and you can securitize it or effectively divide that risk and sell it to investors who want to participate anywhere in that stack," said Szlezak, KKR's head of digital infrastructure. When Wall Street starts getting noticeably excited about securitizing physical assets, a natural question emerges: What could go wrong? One of the hallmarks of the financial crisis of 2007 to 2009 was the packaging of subprime mortgages into bundled securities that were then sold to investors as another way to make money from the housing boom. When mortgage defaults started going up, the whole system began to unwind. Famed short-seller Michael Burry, who made a fortune betting against subprime mortgages, suggested late last year that companies including Meta, Oracle, Microsoft, Google and Amazon were overstating the useful life of their AI chips and understating depreciation. The subprime meltdown wasn't part of the conversation on Monday, but several of the financiers acknowledged a certain amount of risk in the AI trade. "There will be excesses, there will be pullbacks," said Jim Zelter, president of Apollo Global Management, adding that the number of participants in the project alleviates concentration concerns. "There'll be big companies that win," Solomon said. "There'll be big companies that turn out to be not what people expected." In discussing BlackRock's role in Monday's agreement, CEO Larry Fink made a direct comparison to the mortgage market, though he referenced a period decades before the housing boom and bust. "This is the very beginning, like what it was when I started in the mortgage-backed securities market in the 1970s," Fink said. "I look upon this as as a next future for financial engineering." All six of the financiers will make their own lending decisions, Huang said in the interview, noting that Nvidia will connect customers with financing partners. Nvidia said it will have the option of backstopping 25% of every loan, a structure that should result in more favorable interest rates for companies that have previously had to rely on their own credit rating. Borrowers will have to use system architectures specified by Nvidia that would allow another company to take it over and operate it "if something were to happen," Huang said. Nvidia still has plenty to iron out with its financing partners, but Monday's gathering marked a major step in showing the kind of money available to others in the ecosystem. Brookfield CEO Bruce Flatt said Huang created the necessary format for investors. "Jensen's leading this to create structures," Flatt said. "Because there's hundreds of trillions of dollars of money in the world." WATCH:'Fast Money' traders react to Nvidia's partnership Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Monterey Car Week 2026: What a Half-Billion-Dollar Auction Week Does — and Doesn't — Say About the Economy
Monterey Car Week 2026: What a Half-Billion-Dollar Auction Week Does — and Doesn't — Say About the Economy Every August, the Monterey Peninsula becomes the epicenter of the global collector car world. For one dense stretch of days, five major auction houses — Bonhams, Broad Arrow, Gooding Christie's, Mecum, and RM Sotheby's — set up within a few miles of one another and roll out some of the rarest, most valuable automobiles ever built. This year's edition, culminating in the Pebble Beach Concours d'Elegance, arrives with a genuinely startling number attached to it: industry forecasts suggest total auction sales could cross half a billion dollars for the first time in the event's history. That figure alone is enough to generate headlines, and casual observers will likely treat it as some kind of referendum on the broader economy. If buyers are willing to pay eight figures for a Ferrari, doesn't that mean the economy is thriving? The honest answer is more complicated, and understanding why requires looking at what is actually driving this year's projections alongside how Monterey's results have swung over the past decade and a half. The Case for a Record Year Heading into the week, analysts at Hagerty placed the midpoint of their sales forecast at roughly $470 million, just behind the existing record, with an optimistic scenario reaching around $496 million. Importantly, that projected growth isn't being attributed to a broadly healthier market or a larger number of cars crossing the block. Total lot counts are expected to stay roughly flat, and the share of reserve lots is only ticking up slightly. What has changed is the mix: more seven- and eight-figure automobiles have reportedly been consigned this year than at any prior Monterey. Headline consignments include a Ferrari 250 P and a McLaren F1 GTR, alongside multiple Ferrari Enzos and, notably for domestic collectors, a Chevrolet Corvette Grand Sport and a Shelby Cobra Daytona Coupe, neither of which had crossed the auction block since 2009. Another headline consignment we're watching this week is Jerry Seinfeld's Porsche 907 Langheck, a rare factory racer making its own trip to the auction block. Analysts also expect a record 177 lots to sell for $1 million or more, surpassing the previous high of 158 set in 2022. Modern supercars, generally cars built from the mid-1980s onward, are projected to account for roughly 60 percent of total sales this year, continuing a multi-year shift away from the vintage, Enzo-era Ferraris and prewar classics that once defined Monterey's top sales. The average model year of cars on offer has crept from 1967 just three years ago to 1974 today, a small but telling sign of how quickly collector tastes and collector demographics are changing. That shift was already on display earlier this year when Gordon Murray's Le Mans GTR finally turned a wheel in public, more than a year after collectors had already committed to buying one. Story Continues Beyond the Auction Block: Turnout and Scale Auction totals only capture part of the picture. Monterey Car Week itself, which traces its roots back to 1950, has grown into a sprawling calendar of concours, rallies, and club gatherings that drew an estimated 100,000-plus attendees in 2024, and this year's crowds are expected to be in that same range or larger. Some events, like the free public gathering along Seaside's Exotics on Broadway, welcome anyone who wants to look at supercars lining a downtown street. Others, like the Quail, cap attendance at roughly 3,000 tickets, and invitation-only gatherings such as Concours & Cocktails limit themselves to as few as 100 cars. That range, from mass-market spectacle to velvet-rope exclusivity, mirrors the split showing up in the auction data itself: broad public enthusiasm for car culture at one end, and a shrinking circle of ultra-wealthy buyers driving the biggest dollar figures at the other. The racing side of the week draws its own crowds too, from vintage grids at Laguna Seca to unscripted drama like the Mazda 767B that caught fire mid-race this year. Some of the most memorable stories from Car Week have nothing to do with cars crossing an auction block at all, like the ongoing saga of the fence separating one property from the festivities. A Decade of Peaks and Valleys To put this year in context, it helps to look back. In 2014, the Monterey auctions combined for $463.7 million, headlined by a 1962 Ferrari 250 GTO that sold for $38.1 million, a staggering number at the time that has since been dwarfed by even larger single-car sales elsewhere. The all-time high before this year came in 2022, when total sales reached $471.2 million amid a broader, pandemic-era surge in collector interest and asset prices generally. The lowest point in modern Monterey history isn't really up for debate: it's 2020, when Car Week was canceled outright as the world locked down against COVID-19. There was effectively no in-person auction activity that August, the only time in the event's more than seventy-year history that it simply didn't happen. The years that followed told a slower recovery story. By 2024, the market was still working through what analysts termed a post-pandemic hangover, with forecasts for that year spanning as wide as $430 million to $488 million and the eventual results landing closer to the lower end of that range. Last year, 2025, rebounded to $432.8 million, the second-highest total on record, with Ferrari once again dominating the top of the leaderboard: eight of the ten biggest sales were Ferraris, and ten new world records were set for the marque. Notably, the single top sale that week, a $26 million Ferrari Daytona SP3, was a charity lot; strip that one sale out and last year's growth over 2024 amounted to a far more modest four percent. So What Does It Actually Say About the Economy? This is where the nuance matters most. Monterey's auction totals are, almost by design, a poor proxy for the health of the broader economy. The lots crossing the block here sit at the very top of a very tall pyramid, purchased by a buyer pool largely insulated from the day-to-day economic pressures affecting most households. Hagerty's own market data underscores this split. Earlier this year, the company's broader Market Rating, a gauge of overall collector car market health, sat at 59.01, squarely in flat-market territory, where it had hovered for close to a year. Meanwhile, its longer-running, stock-index-style Market Index was down 17 percent from its December 2022 peak and sitting at its lowest level in more than four years. The pattern industry watchers describe is a distinctly K-shaped one. High-end supercars keep setting records, driven by a wealthy buyer base described as largely unaffected by broader macroeconomic turbulence, while the middle and lower tiers of the collector market, cars valued under roughly $250,000, have softened noticeably. Median sale prices across the market have struggled to keep pace with inflation. At the same time, broader indicators tracked alongside the collector car market have weakened, including equity market performance, while gold prices have climbed sharply, a pattern often associated with wealthy investors seeking tangible stores of value during uncertain times. The same conditions that make an ordinary buyer nervous about a big purchase can, for a small number of ultra-wealthy collectors, make a rare Ferrari or Bugatti look like an attractive place to park capital instead. This echoes a broader argument some economists make about the country as a whole: a K-shaped economy, where the top tier of earners and asset holders pulls further away while everyone else treads water or falls behind. A half-billion-dollar week at Monterey doesn't necessarily mean Americans broadly feel flush. If anything, it may reflect the opposite, with capital concentrating even further among people for whom a multimillion-dollar car is little more than a rounding error. History backs this up, too. During the 2008-09 financial crisis, the muscle car and blue-collar segments of the collector market took the hardest hits, while the buyers of the priciest, blue-chip cars mostly held onto their money rather than needing to sell it off. What to Watch This Week None of this means Monterey is meaningless as an economic signal, only that it's a signal about a narrow slice of the economy rather than the whole of it. Sell-through rates deserve just as much attention as headline totals. Last year, roughly three-quarters of lots found buyers across the major auction houses, with some, like Bonhams, clearing nearly all of their offerings while others lagged well behind. A high number of cars failing to meet reserve, even amid record-setting headline sales, would suggest cracks even within the luxury segment. Just as telling is how the more accessible end of the market performs at Mecum, historically the auction house with the highest lot count and the broadest buyer base, and a far better bellwether for everyday enthusiasts than any single eight-figure Ferrari sale. By the time the gavel falls on the final lot and the last vintage Ferrari rolls off the Pebble Beach lawn, we'll have a clearer picture of whether 2026 broke records. But whatever the final number turns out to be, the lesson from the past decade of Monterey auctions holds steady: extraordinary prices at the very top of the collector car market tell a story about wealth concentration and taste among a small number of buyers, not a referendum on how the broader American economy is actually doing. Join our Newsletter, follow our Instagram page, and follow us on Facebook. View Comments
Stocks making the biggest moves midday: NetApp, Intel, Apple, Doximity, Verisk Analytics & more
Check out some of the companies making the biggest moves midday: MarineMax — The boat and yacht retailer soared 46% after agreeing to be sold to Blackstone Infrastructure's Safe Harbor Marinas for $53 a share in cash, or $1.5 billion. The deal's expected to close by the end of 2026. Varex Imaging — The imaging component maker climbed 48% after Teledyne Technologies agreed to buy Varex for $18.90 a share in cash. The deal is expected to close in early 2027. Teledyne rose a fraction. Artificial intelligence infrastructure — Stocks tied to artificial intelligence infrastructure slid. The Global X Data Center & Digital Infrastructure ETF (DTCR) lost 1%. Corning fell more than 3%. Photonics stocks Coherent and Lumentum dropped 12% and more than 6% respectively. Doximity -- Shares of the digital medical platform fell 5%. On Friday, the stock surged more than 32% after CEO Jeffrey Tangney said the company was seeing huge margins on its artificial intelligence search tool. NetApp – The data storage company gained 6% after Morgan Stanley lifted it to equal weight from underweight. "Improving storage fundamentals support higher earnings estimates, although valuation at peak P/E already reflects meaningful credit for this improving outlook," wrote analyst Erik Woodring. Verisk Analytics — The data analytics company tumbled more than 5% after a Delaware judge on Friday ruled it must proceed with a $2.35 billion acquisition of AccuLynx. Verisk previously terminated a deal in December because a Federal Trade Commission review of the merger was not completed by the transaction's termination date. Apple — The iPhone maker company dipped 2% after Jefferies downgraded Apple to underperform from hold. According to the bank's supply chain checks, analysts have concluded than an all-glass iPhone by Apple , something the company has never publicly announced, appears to be canceled. That puts pressure on Apple, which is trying to sell more expensive devices to combat the rising cost of memory. Everpure — The data storage provider surged 9% after Morgan Stanley and Susquehanna raised their investment recommendations. Berkshire Hathaway — The Geico insurance owner rose almost 2% after saying Saturday it saw operating earnings grow 16% in the second quarter. Manufacturing, service, and retailing earnings saw strong growth, as did energy profits. Insurance was weaker, with investment income declining 9%. Intel — The chipmaker fell nearly 3% after announcing it will offer $15 billion in common stock . Intel plans to use the cash for general corporate purposes, which may include capital expenditures and working capital. Monday.com – The provider of work management software dropped more than 6% after guidance disappointed Wall Street. Monday.com sees revenue in a range of $368 million to $370 million for the current quarter, while the FactSet consensus called for $372.8 million. Guidance for full-year revenue was roughly in line with expectations. Ebay — The online retailer dropped 3% after Bloomberg said GameStop is considering abandoning its takeover offer. GameStop's unsolicited bid was originally rejected by eBay in May , when it was called "neither credible nor attractive." Hewlett Packard Enterprise — Shares rose 4% after Morgan Stanley upgraded HPE to overweight from equal-weight. Analysts said HPE has an attractive risk/reward profile, and that the market is underappreciating the asymmetry between HPE's earnings power and valuation. Archer Aviation — The aerospace company surged almost 8% after agreeing to acquire three Boeing subsidiaries. Boeing is also taking an undisclosed stake in Archer. Archer CEO Adam Goldstein said the acquisitions will help the company diversify revenues and expand. Boeing gained a fraction. AbCellera Biologics – The biotech soared 43% after reporting strong Phase 2 clinical results for its medication to treat hot flashes caused by menopause. "Phase 2 results showed best-in-class reductions in both frequency and severity of moderate-to-severe vasomotor symptoms after a single dose," AbCellera said. N-Able — The software maker plunged more than 37% after N-able gave disappointing current quarter guidance. N-able sees third quarter revenue of about $135 million, short of the FactSet consensus estimate of almost $142 million. Adjusted EBITDA of $41.0 million to $42.0 million also missed the $46.3 million consensus estimate. Sionna Therapeutics - The biotech collapsed 92% after its cystic fibrosis drug failed to meet key endpoints in a proof-of-concept trial. Sionna said it was disappointed with the results and that it would not advance the drug as an add-on to standard of care. — With additional reporting by Davis Giangiulio, Darla Mercado, Alex Harring and Sarah Min
Three reasons Goldman's co-head of global banking and markets says to stay invested
Goldman Sachs' Ashok Varadhan has a simple message for investors worried about higher interest rates, elevated oil prices and the durability of the economy: Stay invested. Varadhan, the firm's co-head of global banking and markets, pointed to three reasons for his constructive outlook: He doesn't expect the Federal Reserve to raise interest rates this year, sees oil falling well below $70 a barrel later in 2026 and believes a resilient economy will increasingly benefit from productivity gains tied to artificial intelligence. "Stay invested would be my advice," Varadhan said in an episode of Goldman's "The Markets" podcast last week. His view on rates runs against market pricing that has reflected some risk the Fed could resume tightening amid lingering inflation concerns. "I don't think we will see hikes in the latter part of this year," Varadhan said. "I think rates are going to stay on hold." Following a disappointing jobs report Friday, traders shifted their bets on when the Fed might hike. Odds for a move in September fell to around 50% Monday and to 63% for October, according to the CME Group's FedWatch gauge of futures prices. Disinflationary force Some of the forces that pushed inflation higher are beginning to recede, including the impact of tariffs, he said. An easing of geopolitical tensions around the Strait of Hormuz could further alleviate price pressures. Varadhan also sees AI eventually becoming a disinflationary force. While the enormous infrastructure buildout needed to support artificial intelligence can strain resources and contribute to inflation in the near term, the productivity benefits should have the opposite effect once that capacity is in place, he said. Oil is another reason for his optimism. Varadhan expects crude prices to retreat significantly as the year progresses, providing another potential source of relief on inflation. "I think energy is going to go back down," he said. "I think oil settles back down well below $70 a barrel, maybe even lower once we get towards the latter part of the year." West Texas Intermediate futures climbed back above $80 per barrel Monday as doubt grew that the U.S. and Iran will reach a deal to increase ship traffic through the Strait of Hormuz. Resilient economy The third pillar of Varadhan's view is the resilience of the economy. Despite a series of external shocks, underlying nominal growth has remained remarkably durable, he said. If some of those pressures fade, the economy could continue to expand while benefiting from AI-driven productivity improvements. That resilience is also keeping Varadhan constructive on credit. Heavy issuance means investors should demand somewhat more compensation for taking risk, he said, but the strength of the economy has helped prevent spreads from widening dramatically. "If you think the exogenous shocks are going away and you still have the resilience of the economy," Varadhan said, expectations for realized defaults can remain "fairly low." The S&P 500 has rallied back to a record high recently, bringing 2026 gains to more than 13%. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Intel, GameStop, Archer Aviation, Berkshire and more
Check out the companies making the biggest moves premarket: Hewlett Packard Enterprise — Shares rose more than 5% after Morgan Stanley upgraded the stock to overweight from equal-weight. Analysts at the bank said the company has an attractive risk/reward profile at the moment, and that the market is underappreciating the asymmetry between HPE's earnings power and valuation. Verisk Analytics — The data analytics company tumbled more than 6.5% after a Delaware judge on Friday ruled it must proceed with a $2.35 billion acquisition of AccuLynx. Verisk previously terminated a deal in December because a Federal Trade Commission review of the merger was not completed by the transaction's termination date. Apple — The technology company declined 1% after Jefferies downgraded the stock to underperform from hold. According to the bank's supply chain checks, analysts have concluded than an all-glass iPhone by Apple , something the company has never publicly announced, appears to be canceled. That puts pressure on Apple which is trying to create more expensive devices to combat the rising cost of memory. Rocket Lab — Shares rose nearly 3% as investors prepared for the company's second-quarter earnings report, which is set to be released after the bell Monday. While the stock rose nearly 60% during that period, shares are off more than 40% from their late-May highs. Berkshire Hathaway — The stock was up 0.5% after the company announced on Saturday it saw operating earnings growth of 16% in the second quarter. Manufacturing, service, and retailing earnings saw strong growth, as did the company's energy profits. However, insurance was weaker, where investment income declined 9%. Intel — The chipmaker fell 3% after it announced that it will be offering $15 billion in common stock . Intel said it plans to use the funds for general corporate purposes, which may include capital expenditures and working capital. The offering will allow the company to keep growing while maintaining a strong balance sheet, Intel said. GameStop — Shares jumped more than 1.5% after Bloomberg reported that the company is weighing abandoning its $56 billion bid for eBay . GameStop's unsolicited bid was originally rejected by eBay in May , where the online retailer called it "neither credible nor attractive." Archer Aviation — The aerospace company surged after it announced that it was acquiring three Boeing subsidiaries. Boeing is also taking an undisclosed stake in Archer. Archer CEO Adam Goldstein said the acquisitions will help the company diversify its revenues and scale.
Bank of America issues stark warning on Fed and economy
Wall Street's been debating a rather unusual possibility since the Federal Reserve's July 29 meeting. Was the bond market doing the Fed's tightening for it? Fed Chair Kevin Warsh stressed that Treasury yields had already moved sharply higher even though policymakers held the federal funds rate steady at 3.50%-3.75%. However, at the center of things is Warsh's relatively vague, stripped-down communication, which adds to market uncertainty. Moody's economist Mark Zandi alluded to this as well; as I covered, he said, "My concern is that policymakers are unwilling to provide even a modicum of forward guidance." In effect, that has fielded a "3D chess" theory that the Fed was deliberately allowing the long-term rates to rise to cool demand without another immediate hike. Nevertheless, the market reaction was messy Long-end yields jumped alongside inflation breakevens and term premiums, raising doubts over whether tighter financial conditions reflect confidence in the Fed or growing uncertainty over its strategy. Now, in a new note shared with me, Bank of America is challenging that tidy explanation. Bank of America warns Kevin Warsh's Fed strategy could pressure the U.S. economyWin McNamee/Getty Images Why does Bank of America see Warsh's Fed strategy as a risk to the economy? Like Zandi, Bank of America economists Aditya Bhave and Mark Cabana are concerned about how little investors know about what would make Warsh change interest rates. More Economy: Bank of America CEO warns inflation will back Fed into a corner Bank of America just made a strong call on inflation, economy Goldman Sachs says Americans may pay for the AI boom Interestingly, BofA economists argue there's a reasonable case for reducing forward guidance, meaning the Fed doesn't need to tell markets whether September will bring a hike, a hold, or a cut. However, that's different from withholding the Fed's reaction function. Here's a quick list of what investors still need to understand. Inflation gauges: These measure what Warsh watches most closely when judging price pressures. Underlying inflation: How he defines the inflation trend underneath the short-term noise. Tolerance threshold: How far can inflation stay from the Fed's 2% target before it feels it's time to switch things up? BofA argues that Warsh has not provided enough of that framework. So essentially, that uncertainty over the Fed's reaction function is raising the risk premium investors demand, and it "works like a tax on the economy." That trickles down through Treasury yields into mortgages, borrowing, and other financing costs. Moreover, there's a credibility dynamic at play here as well. BofA argues markets don't necessarily require a promise about the next rate decision, but they do need clarity that the Fed has a coherent plan to return inflation to its 2% target. Story Continues If investors are unable to see that, they question if there's a concrete plan at all. That's huge, especially if the Fed's main problem is inflation to begin with. BofA specifically cites the jump in inflation expectations following Warsh's July press conference. Why isn't BofA buying the Fed's supposed '3D chess' move? Another major question following the July Fed meeting was whether Warsh was intentionally letting the bond market do some of the Fed's work. The feeling is simple. If long-term Treasury yields jump, borrowing becomes a lot more expensive for businesses and consumers. That could potentially cool spending and investment even if the Fed doesn't raise its benchmark rates aggressively. "Warsh is rolling back decades of transparency. We got immediate post-decision statements in 1994, and Greenspan started giving forward guidance in 2003," said Todd Campbell, former sell side analyst and TheStreet's Co-Editor-in-Chief. "Investors hate uncertainty. And businesses and consumers tap brakes when higher yields flow into bank lending rates." BofA called this the "3D chess at the long end" theory. But the bank doesn't buy it, and that's why yields went up. According to the bank's economists, a healthy bump in yields would usually come from investors believing the Fed is serious about controlling inflation. Instead, the move also includes heightened inflation expectations and a larger term premium, which can signal greater uncertainty about the Fed's policy. That's not the tightening the Fed should want. BofA's view is that the Fed will continue to rely primarily on short-term interest rates, which it can control directly. Long-term yields are tougher to manage, moving for reasons the Fed doesn't intend. So, instead of proving that the Warsh had a clever hidden strategy, the bond market's reaction might have exposed the risks of keeping investors guessing. Why could the Fed's next moves make this communication problem even harder? That backdrop makes Warsh's experiment with less guidance even more consequential. BofA itself believes the Fed still has a lot of tightening ahead. The bank expects 75 basis points of rate hikes in 2026, delivered in 25-basis-point moves in September, October, and December. That leaves the federal funds rate at 4.25% to 4.50%, where BofA expects it to remain through 2027 and 2028. Nevertheless, the bank doesn't see an economy collapsing under the weight of current rates. It expects growth rates to average nearly 2.5% in the back half of 2026, buoyed by a resilient consumer and continued AI investment. Moreover, the labor market also looks relatively stable, with unemployment expected to be around 4.2% at year-end. Nevertheless, inflation is likely to be the harder part of the equation. BofA expects headline inflation to ease as the oil shock fades, but it expects the underlying pressure to remain stubborn. Core PCE inflation is forecasted to stay above 3% this year, while BofA estimates underlying inflation is closer to 2.5% than the Fed's target. Interestingly, that leaves the Fed facing an uncomfortable combination: an economy that's robust enough to withstand tighter policy and inflation sticky enough to justify it. Moreover, it also makes clarity around the Fed's reaction function all the more valuable. As we look ahead, the upcoming CPI and employment reports might materially change expectations for September. BofA forecasts July core CPI at 0.2% month over month and 2.5% year over year, while expecting core PCE to be hotter at nearly 0.24% monthly and 3.3% annually, keeping a September hike firmly in place. There is also Jackson Hole. BofA notes that, considering the fallout from the previous meeting, Warsh might sound more hawkish at Jackson Hole if inflation data are firm. The irony is that even though Warsh is seeking to make Fed communication less influential, the powerful combo of sticky inflation, upcoming rate decisions, and uncertainty about his framework makes every word he says more market-moving than ever. Related: Bank of America doubles down on Sandisk stock after earnings "The fundamentals are still strong" — biggest market opportunities right now (16:27) This story was originally published by TheStreet on Aug 9, 2026, where it first appeared in the Economy section. Add TheStreet as a Preferred Source by clicking here. View Comments
Jensen Huang Says AI Will Kill Tasks, Not Jobs. Here's What That Means for Stocks Riding the AI Trade.
Key Points Jensen Huang believes AI will kill tasks instead of jobs. If that happens, consumers can continue to earn and spend money, which will keep the economy running smoothly. Meanwhile, demand continues to heat up for critical AI infrastructure.10 stocks we like better than Nvidia › Nvidia(NASDAQ: NVDA) CEO Jensen Huang recently told Y Combinator's Startup School attendees that artificial intelligence (AI) isn't going to eliminate jobs. He said that tasks are more at risk, and this shift clears a major hurdle for the AI trade. Bubble fears will weaken if AI doesn't replace jobs and automates various tasks instead. Here's how investors should interpret Huang's prediction. Missed Nvidia in 2009? This Rare Signal Is Flashing Again.In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » Image source: Getty Images. AI won't kill the economy if it doesn't kill jobs One of the concerns with artificial intelligence is that the technology will become so advanced that it will replace most workers. For instance, if Alphabet's Waymo self-driving vehicles perform as well as humans, taxi and Uber drivers won't be able to find work. Elon Musk is more bearish on that prospect and believes that universal high income via government checks will be required in the future. However, he also believes that everyone will end up with a penthouse because of AI, which is a bit of a stretch given resource distribution and other factors. If AI creates job losses, consumer spending would drop sharply, and few people would be able to buy products and services from companies that made significant AI investments. Huang's stance is in clear contrast to Musk's views and suggests that the economy can run more efficiently with AI without substantial job losses. The AI trade just got safer Killing off tasks is still a lucrative opportunity for the AI trade. People swapped horses for cars because vehicles help them reach various destinations much faster. Cars have much lower maintenance costs than horses, which made the switch cost-effective as well. Artificial intelligence is on a similar trajectory. Cars increased travel demand, and the same has held true for airplanes. As AI reduces workloads and increases efficiency, tech giants will buy more products and services that are critical for AI infrastructure. Huang's comments suggest there won't be a point at which job losses become so steep that they bring the economy to a halt. AI spending can then continue, since hyperscalers know that demand for these resources will continue to grow. Musk just told investors that he will only buy Nvidia chips because "they are the best," and has committed to 10 gigawatts of AI compute by 2027. Capital is still heavily flowing into the AI trade, which suggests companies exposed to the opportunity can deliver outsize returns for long-term investors. There are still risks with trading AI stocks, but Huang's comments should offer some reassurance about the technology's long-term economic potential. Should you buy stock in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,724!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* Now, it’s worth noting Stock Advisor’s total average return is 967% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 9, 2026. Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Nvidia. The Motley Fool recommends Uber Technologies. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
ThinkCareBelieve: Week 81 of the Trump Administration: Welcome to The Golden Age
Washington, DC, Aug. 08, 2026 (GLOBE NEWSWIRE) -- ThinkCareBelieve announces a New Report on the events of Week81of the Trump Administration, part of a weekly series covering all the exciting achievements and events as they happened since President Trump took office in January 2025. The article can be accessed in full at https://thinkcarebelieve.blog/2026/08/08/week-81-of-the-trump-administration-welcome-to-the-golden-age/ This article provides details and direct links to primary sources covering the following: 1) How is the Trump Administration stimulation a new generation of Miners and how are magnets key to a big part of it? 2) Will Anthony Fauci finally be brought to prosecution? 3) The first Pell Grant Program for trade schools and skilled training has begun in which state? 4) How are multi-agency task forces surging sanctuary cities to save trafficked children? 5) Why was the hacker who stole over 600,000 voter records in the 2020 elections and confessed, not prosecuted? 6) How is the NIH making corrections after Anthony Fauci’s grave errors? 7) How does the new Ballroom fall under national security purposes and the Department of Defense? ThinkCareBelieve’s mission for Peace advocacy facilitates positive outcomes and expanded possibilities. To achieve Peace, we will find the commonalities between diverse groups and bring the focus on common needs, working together toward shared goals. Activism is an important aspect of ThinkCareBelieve, because public participation and awareness to issues needing exposure to light leads to justice. Improved transparency in government can lead to changes in policy and procedure resulting in more fluid communication between the public and the government that serves them. The article highlights events that took place in America, and can be used as a reference, a resource or a review. America’s Weekly Golden Chronicle here: https://thinkcarebelieve.blog/2025/12/01/americas-weekly-golden-chronicle-list/ The Trump Administration’s Agenda for Greatness: https://thinkcarebelieve.blog/2026/03/28/the-trump-administrations-agenda-for-greatness/ How President Trump Helped Real People: https://thinkcarebelieve.blog/2024/10/22/how-president-trump-really-helped-real-people/ The Seth Rich FBI Files: https://thinkcarebelieve.blog/2026/07/09/the-seth-rich-fbi-files/ Finding the Children: https://thinkcarebelieve.blog/2026/07/11/finding-the-children/ Election Integrity: https://thinkcarebelieve.blog/2026/07/17/election-integrity/ Anthony Fauci’s Diary and Hearing: https://thinkcarebelieve.blog/2026/08/01/week-80-of-the-trump-2-0-administration/ OxferdC0mma: https://thinkcarebelieve.blog/2026/08/05/operation-oxferd-comma-2/ ###
Next big push in ETF industry? Why these risk assets are gaining traction as interest rate uncertainty persists
Collateralized loan obligations may become the next big push in the exchange-traded fund industry. VettaFi's Todd Rosenbluth suggests there's investor demand for the alternative assets due to ongoing interest rate uncertainty. "[CLOs have] been popular within the marketplace," the firm's head of research told CNBC's "ETF Edge" this week. CLOs are short-term fixed income strategies that consist of pools of floating-rate secured loans. They're designed to deliver relative stability and attractive yields across market cycles. "We've seen fixed income ETF demand be quite strong," Rosenbluth said. "I think that's going to continue as we're still waiting for some clarity from the next move of the Fed." Last month's Fed's decision to keep rates unchanged is a catalyst for short-term product demand, according to Rosenbluth. 'That's caught our attention' The industry appears to be acknowledging investor interest. Rosenbluth listed Reckoner Capital Management, an ETF provider specializing in CLOs, as a firm actively creating new CLO ETFs this year. "That's caught our attention," he said. "It's just great to see the innovation that's happening within the fixed income ETF marketplace." Jennifer Grancio, global head of distribution at TCW Group, is also seeing a preference to fixed income from an asset manager perspective. "I think a lot of advisors are holding a core income-oriented portfolio and then dabbling a little bit with short duration or CLO products," she said. CLO risks However, Rosenbluth acknowledges risks associated with CLO ETFs. "While AAA-rated CLO tranches boast near-zero default rates, lower-tier tranches (BBB-B) face heightened default risk and market volatility during economic stress," he wrote in a special note to CNBC. "In addition, because corporate loans in CLO pools carry significant exposure to tech and software sectors, private credit jitters or tech selloffs can spill over and trigger spread widening." He added that investors are therefore seeking AAA-rated and senior-secured assets to capture attractive yields without that long-term maturity risk. Disclaimer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Review & Preview: A Jobless Boost
REVIEW PREVIEW NEWSLETTER Happy Markets. Last week, stocks got a big boost from earnings. This week, it was all about the economy. And while the news isn’t all good, it made the market happy. Stocks rose and bond yields fell Friday in the wake of a payrolls report that showed the economy shed 23,000 jobs in July. Continue Reading
Why 2021 vintage funds shouldn't panic yet
Kyle Stanford is Director of US VC Research at PitchBook Halfway through their standard 10-year fund term, 2021 vintage US VC funds are at the lowest DPI multiple of any vintage since at least 1997. High valuations, an uncertain economy and a lack of liquidity have proven formidable obstacles to manufacturing distributions to paid-in capital, a metric measuring how much cash a fund has returned to investors relative to how much they put in. And while such a low figure is likely a red flag to LPs evaluating funds in that vintage, year 5 DPI isn't a reliable predictor of future distributions, and that may be truer than ever, according to our new research. Right now, distributions are king. In some cases, DPI has supplanted IRR as the return metric of choice in recent years. LPs now need distributions, not paper gains. GPs have used their own DPI multiple to showcase their ability to pick winners and garner new commitments. Sign up for The Daily Pitch newsletter Subscribe When looking at the data, though, total value to paid-in capital (TVPI), or the total value a fund has generated relative to what investors put in, is a better indicator at the fund's midway point of where the vintage is headed. From that perspective, 2021 is still mediocre, but far from the lowest this century. It also has the next five years to lean on, including AI expansion and a liquidity market that remains just around the corner. The beleaguered vintage also offers paid-in capital that is multiples larger than most of its kind this century. At $166 billion in commitments, 2021 had outpaced the prior high of 2020 by $70 billion. It also delivered a historic mix of funds, whereby more than 75% of commitments went to funds over $500 million in size. What's most important for each vintage is always the next five years, and this is where GPs will tell you this time it's different. This article originally appeared on PitchBook News View Comments
Stocks making the biggest moves premarket: Atlassian Corporation, Wendy's, Vista Corp, First Solar, Airbnb & more
Check out the companies making the biggest moves premarket: Atlassian — Shares were up more than 29% in premarket trading after the company beat FactSet consensus on revenue and guidance for its fourth-quarter earnings. The company expects revenue growth at 13% year over year, short of FactSet's expectation of 13.4%. Wendy's — Shares dropped 2% for the restaurant chain after it reported global sales decreased by more than 6%, which was driven by an 8.2% decline in the U.S. The company also withdrew its 2026 financial outlook but beat FactSet consensus on earnings, revenue and adjusted EBITDA. Solar stocks — Shares for solar stocks increased after President Donald Trump imposed tariffs on products that are imported to make solar panels. First Solar jumped more than 5%, Invesco Solar rose nearly 3% and SolarEdge Technologies gained 2%. Airbnb — Shares of the vacation rental company surged nearly 7% after Airbnb posted second-quarter earnings of $1.37 per share on revenue of $3.61 billion. That outpaced the earnings of $1.25 on revenues of $3.58 billion forecast by analysts surveyed by LSEG. Twilio — The customer engagement platform saw shares surge more than 17% in premarket. Twilio sees adjusted earnings of $1.42 to $1.47 per share on revenue of $1.51 billion to $1.52 billion. The LSEG consensus estimate sought $1.39 per share and $1.46 billion. The company also boosted its full-year revenue growth call to a range of 18% to 18.5% from 14% to 15%, also beating analysts' forecast of 14.8% growth. Trade Desk — Shares tanked 27% after the digital advertising company Thursday posted second-quarter earnings and revenue that fell below expectations. Adjusted earnings of 34 cents missed the 40 cents consensus estimate from LSEG. Revenue of $715 million missed the anticipated $751 million. Cloudflare — The cloud cybersecurity company jumped more than 16.5% after issuing solid guidance for the full year and current quarter. Cloudflare expects adjusted earnings of 34 cents per share on revenue of $736 million to $737 million in the third quarter. That compares to the LSEG consensus call for 32 cents per share and $722 million in revenue. Second-quarter results also surpassed estimates on the top and bottom lines. Akamai Technologies — The cloud computing stock jumped 8.3% in premarket trading after Akamai Technologies beat estimates on the top and bottom lines. Akamai posted second quarter earnings of $1.59 per share, excluding items, more than the LSEG consensus of $1.57 per share. Revenue of $1.10 billion also beat the $1.09 billion forecast. — CNBC's Darla Mercado and Sarah Min contributed to this report.
Stocks making the biggest moves after hours: Sweetgreen, Airbnb, DraftKings, Trade Desk and more
Check out the companies making headlines after hours. Airbnb — Shares of the vacation rental company surged about 7% after Airbnb posted second quarter earnings of $1.37 per share on revenues of $3.61 billion. That outpaced the earnings of $1.25 on revenues of $3.58 billion forecasted by analysts, according to LSEG. Lyft — The ride-hailing company was marginally higher after posting second quarter revenues of $1.84 billion, beating the LSEG consensus estimate of $1.81 billion. Earnings of 13 cents per share, however, missed the 14 cents anticipated by analysts. DraftKings — Shares were down over 1.5% after the company fell short of expectations on revenue. DraftKings posted second quarter revenue of $1.44 billion, missing the $1.51 billion analysts polled by LSEG sought. The company also posted a loss of 14 cents per share, while the Street expected a profit of 2 cents a share. The digital sports entertainment and gaming company did reaffirm its guidance on adjusted EBITDA and revenue for the 2026 fiscal year. Twilio — The customer engagement platform saw shares surge about 16% on rosy projections for the current quarter. Twilio sees adjusted earnings of $1.42 to $1.47 per share on revenue of $1.51 billion to $1.52 billion. The LSEG consensus estimate sought $1.39 per share and $1.46 billion. The company also boosted its full-year revenue growth call to a range of 18% to 18.5% from 14% to 15%, also beating analysts' forecast of 14.8% growth. Trade Desk — Shares tanked 22% after the digital advertising company posted second quarter earnings and revenue that fell below expectations. Adjusted earnings of 34 cents missed the 40 cents consensus estimate, according to LSEG. Revenue of $715 million missed the anticipated $751 million. Sweetgreen — The salad chain plunged 14% after Sweetgreen's second quarter results disappointed analysts. Sweetgreen posted a second quarter loss of 22 cents per share on revenues of $193 million. Analysts surveyed by LSEG had expected a per-share loss of 15 cents on revenues of $195 million. Akamai Technologies — The cloud computing stock rallied 12% after Akamai Technologies beat estimates on the top and bottom lines. Akamai posted second quarter earnings of $1.59 per share, excluding items, more than the LSEG consensus of $1.57 per share. Revenue of $1.10 billion also beat the forecasted $1.09 billion. Maplebear — The grocery delivery company better known as Instacart rallied more than 8% after Instacart posted second quarter revenue of $1.04 billion, more than the LSEG consensus estimate of $1.03 billion. Earnings of 45 cents per share, however, came in below the estimated 54 cents per share. Cloudflare — The cloud cybersecurity company jumped 17% after issuing solid guidance for the full year and current quarter. Cloudflare expects adjusted earnings of 34 cents per share on revenue of $736 million to $737 million in the third quarter. That compares to the LSEG consensus call for 32 cents per share and $722 million in revenue. Second quarter results also surpassed estimates on the top and bottom lines. Dropbox — Shares of the cloud storage company fell almost 6%. Non-GAAP gross margin for the second quarter came in at 81.6%, narrowly missing the StreetAccount consensus estimate of 81.7%. Adjusted profit in the period landed at 75 cents a share, edging ahead of the LSEG consensus estimate of 74 cents per share. — CNBC's Darla Mercado and Ananya Chetia contributed to this report.
U.S. Jobless Claims Inch Up Less Than Expected To 199,000
(RTTNews) - A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits crept slightly higher in the week ended August 1st. The Labor Department said initial jobless claims inched up to 199,000, an increase of 1,000 from the previous week's revised level of 198,000. Economists had expected jobless claims to rise to 202,000 from the 197,000 originally reported for the previous week. With the uptick, jobless claims continued to rebound after hitting their lowest level since September 1969 in the week ended July 18th. "Even though mid-summer seasonal noise is fading, initial jobless claims remained below 200,000 in the week ended August 1, confirming that layoffs remain low and labor market conditions have improved," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics. Meanwhile, the report said the less volatile four-week moving average edged down to 198,750, a decrease of 4,500 from the previous week's revised average of 203,250. The Labor Department also said continuing claims, a reading on the number of people receiving ongoing unemployment benefits, climbed by 24,000 to 1.801 million in the week ended July 25th. The four-week moving average of continuing claims still slipped to 1,791,250, a decrease of 5,000 from the previous week's revised average of 1,796,250. "Continued claims rose in the week ended July 25, but the increase reflects bi-weekly volatility, and the increase isn't the start of a trend," said Vanden Houten. "Continued claims are likely to trend lower in the weeks ahead given the recent downshift in initial claims." On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of July. Economists currently expect employment to increase by 88,000 jobs in July after climbing by 57,000 jobs in June, while the unemployment rate is expected to hold steady at 4.2 percent. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Stocks making the biggest moves premarket: Zillow, Peloton, Sandisk, Moderna & more
Check out the companies making the biggest moves in premarket trading: Peloton Interactive — The connected fitness company sank nearly 14% after its fourth quarter results. Its earnings of 13 cents per share was in line with estimates, while its revenue topped expectations. Peloton also reported its active paying subscribers fell 8.8% year over year. Moderna — The Food and Drug Administration approved Moderna's mRNA flu vaccine, mFlusiva, for adults 50 years and older. Shares rose 4%. Versant Media — Shares jumped 5% after the media company raised its full-year outlook and reported beats on both the top and bottom lines. Versant now expects 2026 revenue of $6.2 billion to $6.45 billion and adjusted earnings before interest, taxes, depreciation and amortization of $1.9 billion to $2.05 billion. Warby Parker — The eyeglass maker shed 7% after its second-quarter revenue of $235.5 million fell short of the LSEG consensus estimate of $238 million. Its EBITDA, however, topped expectations. Warby Parker also reaffirmed its full-year guidance. IonQ — Shares of the quantum computing company rose 3.9% on better-than-expected revenue for the second quarter. IonQ's full-year revenue guidance of $280 million to $290 million also exceeded a FactSet consensus of $268.6 million. Sandisk — The memory chip giant slid 10% as revenue guidance appeared to disappoint traders. Sandisk said it sees first quarter revenue in a range of $10.3 billion to $10.8 billion, while the LSEG consensus sought $10.47 billion. Fourth quarter results beat expectations on the top and bottom lines. Figma — The maker of the graphics editing app shed 14% after full-year guidance for adjusted operating income came in soft. The company sees operating income ranging from $125 million to $135 million, excluding items, versus the FactSet consensus for $133.2 million. Second quarter results beat estimates otherwise. DoorDash — The meal delivery service added 4% after its quarterly revenue of $4.45 billion beat the LSEG consensus of $4.34 billion. Its earnings of 46 cents a share came in line with expectations. Zillow — The online real estate marketplace slid more than 11% after it expanded chief financial officer Jeremy Hofmann's role, giving him the additional title of chief operating officer. The company also reported a solid quarter after the bell, with adjusted earnings per share of 52 cents topping estimates of 45 cents, per LSEG, and $772 million in revenue beating estimates of $758 million. A day earlier, the company announced it would let go of about 500 employee s. Western Digital — Shares of the data storage company slumped more than 15% as current quarter projections underwhelmed traders. Western Digital called for adjusted earnings of $4 a share, plus or minus 15 cents, on revenue of $4.1 billion, plus or minus $100 million. The LSEG consensus estimate forecast $3.81 a share on $4.04 billion in revenue. Salesforce — Shares were down almost 5% after the company announced it will name Miguel Milano as operating chief on Wednesday. Milano, once an executive at Oracle, previously worked for Salesforce for nearly a decade in Europe. The company's shares are down over 27% year to date. Duolingo — The mobile learning platform saw its shares tumble 7% after revenue guidance for the current quarter came in lighter than expected at $302 million versus FactSet consensus estimates of $303.9 million. Guidance for bookings in the period also missed the mark, expected to land at $307 million versus the anticipated $308.8 million. Bumble — Shares fell 5% for the dating app. Bumble posted a loss of 84 cents per share in the second quarter, versus the FactSet consensus estimate fora profit of 25 cents per share. The company shared third quarter guidance, calling for adjusted EBITDA in a range of $56 million and $60 million, versus the FactSet consensus estimate for $68.7 million. AppLovin — The marketing platform operator tanked nearly 20% after third quarter projections disappointed Wall Street. The company sees adjusted EBITDA for the period in a range of $1.71 billion to $1.74 billion, while the StreetAccount consensus estimate sought $1.75 billion. Revenue in the second quarter also narrowly missed estimates. CNBC's Fred Imbert, Darla Mercado, Tanaya Macheel and Ananya Chetia contributed reporting. Disclosure: Versant Media is the parent company of CNBC.
Jobs data live updates: Mixed labor data sets the stage for Friday's key jobs report
Friday's jobs report will shed light on the state of the labor market, with the federal government's July payroll figures expected to show an improvement from the prior month. In all likelihood, the labor market's "low-hire, low-fire" narrative dragged on last month. Economists surveyed by Bloomberg predict the jobless rate stayed flat at 4.2%, a hair below its July 2025 level, and expect the economy to add 80,000 jobs. That would be better than June's 57,000 new roles, which badly missed expectations, but would still mark a slowdown from the growth reported earlier this year. While data released Wednesday by ADP showed private employers added fewer positions than expected in July, annual pay gains for job-switchers were strong — though not so much so that economists are worried about that adding to inflation. "The slowdown in the monthly employment gain reported by ADP aligns with our assumption that the labor market isn't in a period of overheating," Matthew Martin, senior US economist at Oxford Economics, said Wednesday. "Nor is it a cause for concern, as the number is still within range of our estimate of the breakeven pace of monthly employment growth consistent with stable unemployment." As for earlier this summer, job openings in June roughly matched economists' expectations, with some 7.4 million positions available, data released Tuesday showed. Challenger, Gray & Christmas also reported Thursday that hiring plans improved in July, while layoff announcements fell. View Comments
Jobs data live updates: Tech sector responsible for nearly a third of job-cut plans, Challenger data shows
Friday's jobs report will shed light on the state of the labor market, with the federal government's payroll figures for July expected to show an improvement from the month prior. In all likelihood, the labor market's "low-hire, low-fire" narrative dragged on last month. Economists surveyed by Bloomberg predict the jobless rate stayed flat at 4.2%, a hair below its July 2025 level, and expect the economy to add 80,000 jobs. That would be better than June's 57,000 new roles, which badly missed expectations, but would still mark a slowdown from the growth reported earlier this year. While data released Wednesday by ADP showed private employers added fewer positions than expected in July, annual pay gains for job-switchers were strong — though not so much so that economists are worried about that adding to inflation. "The slowdown in the monthly employment gain reported by ADP aligns with our assumption that the labor market isn't in a period of overheating," Matthew Martin, senior US economist at Oxford Economics, said Wednesday. "Nor is it a cause for concern, as the number is still within range of our estimate of the breakeven pace of monthly employment growth consistent with stable unemployment." As for earlier this summer, job openings in June roughly matched economists' expectations, with some 7.4 million positions available, data released Tuesday showed. Challenger, Gray & Christmas also reported Thursday that hiring plans improved in July, while layoff announcements fell. View Comments
July jobs report live updates: Labor Department says US unexpectedly lost 23,000 jobs, manufacturing hiring 'treading water'
Friday's July jobs report showed the US labor market shed jobs from the previous month. The US Labor Department reported a decline of 23,000 jobs, versus the 80,000 job gains forecast by economists. The unemployment rate fell to 4.1%, versus estimates of 4.2%. That marked a slowdown from June's 57,000 new roles, which badly missed expectations. While data released Wednesday by ADP showed private employers added fewer positions than expected in July, annual pay gains for job-switchers were strong — though not so much so that economists are worried about that adding to inflation. "The slowdown in the monthly employment gain reported by ADP aligns with our assumption that the labor market isn't in a period of overheating," Matthew Martin, senior US economist at Oxford Economics, said Wednesday. "Nor is it a cause for concern, as the number is still within range of our estimate of the breakeven pace of monthly employment growth consistent with stable unemployment." As for earlier this summer, job openings in June roughly matched economists' expectations, with some 7.4 million positions available, data released Tuesday showed. Challenger, Gray & Christmas also reported Thursday that hiring plans improved in July, while layoff announcements fell. View Comments
Nigeria Tries to Revive 50 Year-Old Mill That Never Made Steel
(Bloomberg) -- Nigeria agreed a gas deal that moves it closer to reviving a giant steel plant that hasn't produced any metal since being built half a century ago. Most Read from Bloomberg Iran Says Agreement on Hormuz Shipping Reached With Oman Google AI Veterans Depart During Seismic Leadership Shift Major Hedge Funds Targeted in Wave of Attempted Cyberattacks Microsoft's AI Sales Mostly Come From OpenAI, Disclosures Show SpaceX's AI Splurge Puts a Damper on First Earnings After IPO The agreement with the state-owned Nigeria National Petroleum Co. in July will provide Ajaokuta Steel Co. with as much as 50 million standard cubic feet of gas per day as feedstock for a power plant servicing the metals complex. That resolves a key request investors have demanded for years, Managing Director Nasir Naeem Abdulsalam said. "We have had several different investors across different countries ask the same question: 'How do we get the supply of gas?'" said Abdulsalam, who was appointed in April 2025 to revive the facility. "Without gas, you can't operate the steel plant. You can't operate the independent power generation that we have there. The steel plant and all its components are all powered by gas." Originally conceived in 1979, the Ajaokuta plant was built by Soviet-era engineers on the banks of the Niger River, about 200 kilometers south of the capital, Abuja. Despite more than $8 billion of public investment being sunk into it over the past five decades, it's yet to produce any steel and has become a symbol of wasteful megaprojects in the West African nation. The complex was intended to help Africa's most populous nation reduce its dependence on oil and industrialize by tapping its vast iron-ore deposits to produce as much as 5 million tons of metal a year. Nigerian President Bola Tinubu, who's embarked on a series of reforms since coming to power in 2023, has set a crude-steel production target of 10 million tons annually by 2030. With its furnaces not running, engineers at the facility have fabricated a modular blast furnace that's currently molding manhole covers, poles and rail tracks for a small section of the Nigerian market. While "all options are on the table" to get the mill to start producing, a decision has been made to seek partners that can operate and finance the project over a 10 to 15-year period "and make returns to the government," mirroring a strategy that has been adopted to revive Nigeria's moribund oil refineries, Abdusalam said. The project has attracted potential investors from the US and China who've carried out technical assessments, he said, declining to identify them. The interested parties "have spoken to the fact that it is possible to revive the furnaces within six to seven months, and the others parts of the facility within two to three years," he said. Story Continues Previous efforts to revive the plant failed. Russian investors, including Tyazhpromexport, which built the original facility, have tried twice. Japan's Kobe Steel Ltd. and India's Ispat Industries Ltd. have also had no luck. "It's all noise," said Yusuf Ochejah, the Russia-trained secretary general of Nigeria's metallurgical society and a former assistant director at the mill. The blast furnace system at the factory has never worked, nor has the steel-making section ever been tested, he said. "Any potential investor will have to put in so much resources to get anything out," Ochejah said. Sign up here for the daily Next Africa newsletter and subscribe to the Next Africa podcast on Apple, Spotify or anywhere you listen. Most Read from Bloomberg Businessweek TikTok Withheld a Safety Feature From Millions. One Died by Suicide Lululemon Is At War With Itself Americans Are Rethinking Their Love Affair With Plant Milks Armed With $10 Billion, Sequoia's Leaders Plan Its New Era How Apple and India Built an Alternative iPhone Production Hub ©2026 Bloomberg L.P. View Comments
Fed Governor Cook says she's 'prepared to act' on rate hike to address inflation
Federal Reserve Governor Lisa Cook said Wednesday that she's ready to support an interest rate hike unless the inflation numbers improve. "Inflation is too high, and I consider the risks to the inflation side of the dual mandate higher than the risks to the employment side at this point," Cook said during a speech in Anchorage, Alaska. "As such, I am prepared to act by raising rates, if necessary." While acknowledging that the June data showed inflation easing thanks largely to a sharp slide in energy prices, the policymaker said there shouldn't be too much read into a single data point, particularly with the pace of price increases running well ahead of the Fed's 2% goal. Cook was part of a 9-3 majority that voted last week to keep the central bank's benchmark borrowing rate in a range between 3.5%-3.75%. She explained that her vote came from a desire to see how possibly waning impacts from tariffs, an energy supply shock due to the Iran war and pressures from the artificial intelligence buildout impact prices. "If I do not see signs of continued disinflation soon, I am prepared to act," Cook said. "With five years of above-target inflation, the risk grows that higher inflation may become entrenched in price- and wage-setting behavior, leading to persistence that would be much harder for us to attack. The longer inflation is above target, the more likely this scenario becomes." Other environments might allow the Fed to wait longer before acting, but she said, "We do not have that luxury in this one." Markets expect the central bank could act as soon as September but are pricing in higher odds for an October move, according to the CME Group's FedWatch. Earlier in the day, Minneapolis Fed President Neel Kashkari, one of the three dissenting votes for the rate decision, told CNBC that he still believes higher rates are necessary. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
As Warsh and the Fed contemplate fewer meetings, markets brace for potential volatility ahead
Add the possibility of fewer meetings into the mix of how Federal Reserve Chairman Kevin Warsh wants to reduce the central bank's footprint on financial markets, a move that some experts say could introduce both volatility and opportunity for investors. Since taking office in May, Warsh has implemented several measures that reverse decades of Fed culture in which policymakers have been aggressively transparent — some say overly so — about where they think monetary policy is headed. Thus far, he has curtailed so-called forward guidance, or how the Fed signals its future rate moves, dramatically shortened the post-meeting statement and provided cryptic and often evasive answers when questioned about his views during the two news conferences he's held so far. Now comes the possibility, discussed in what one Fed source described as mostly hypothetical terms, of reducing the long-held schedule of eight meetings each year for the rate-setting Federal Open Market Committee. Such a move would further curtail the communications output from the Warsh Fed — and lead to some uncertain outcomes for the stock and bond markets. "Certainly, it's going to increase volatility," said George Catrambone, head of fixed income for the Americas at DWS Group. "Having less transparency forces market participants to hedge or have a wider dispersion of outcomes." 'Nothing magical' about schedule The Fed has used various meeting strategies over the decades. Until the early 1980s, it met nearly monthly before changing to eight a year under former Chairman Paul Volcker. Moreover, the Fed is free at any time to call meeting, though the market implications could be substantial given that such a move would be considered an emergency. Minneapolis Fed President Neel Kashkari told CNBC on Wednesday that he is fine with re-examining the meeting schedule. "I don't think there's any magic number about eight or 10 or six. You know, we always have the ability to call emergency meetings if things happen, but that's a big event," he said. "When the FOMC calls an emergency meeting, it really sends a signal that we're concerned about something. And so, you know, I think I'm open-minded. I don't have a strong view." Philadelphia Fed President Anna Paulson on Tuesday expressed similar sentiments, telling CNBC, "it's healthy to have a good discussion about that." Other Fed experts take a similar tack that having a fewer meetings a year might not be a big deal to markets. "There's nothing magical about eight meetings," said Bill English, the Fed's former head of monetary affairs during Warsh's first stint there and now a Yale professor. "There are costs associated with having a lot of meetings, but on the other hand, you don't want to have so few meetings that you end up not acting in a timely way." English said he once proposed six meetings a year, but with each including a news conference as well as an update to the Fed's Summary of Economic Projections. Overall, he sees eight as "close to the right number" and instead is more concerned about other aspects of Warsh's strategy. "I really don't like this effort to communicate much less," he said. "Explaining more about why you're doing what you're doing helps the public to understand it. It helps the public to anticipate it. It makes monetary policy more effective, and also it it just seems like it's appropriate to make the Fed accountable. Muted market reaction So far, markets either have been willing to give Warsh the benefit of the doubt, or simply have been too focused on geopolitics to care about the Fed rumblings. The Dow Jones Industrial Average has added about 3,500 points, or 7%, since Warsh took over from now-Governor Jerome Powell on May 22. Bond yields on net have risen though not dramatically, with the policy-sensitive 2-year Treasury up about 8 basis points, or 0.08 percentage points, while the benchmark 10-year yield has risen about the same. Stock Chart IconStock chart icon Dow since May 22 Those moves have come despite Warsh defying a tradition of open communication that dates back into the latter part of the 20th century while also establishing five task forces aimed at a top-to-bottom rethinking of the Fed's approach to policy, communications strategy and data utilization, among other things. "He's kind of getting away with it," said Mark Hackett, chief market strategist at Nationwide. "Warsh is really the first Fed official that I've seen explicitly say he wants the Fed to have less direct impact on market movement." Indeed, Warsh has told market participants explicitly that they should be reacting to data, not the vagaries of Fedspeak. "Market participants are learning to play the ball, not the referee — and market prices will continue to respond in the direction and magnitude they see fit," Warsh said during last week's news conference. "This is, in my view, a change for the better — and we are just getting started." Still, some investors think Warsh's strategy is risky. "The main takeaway is more volatility," Dario Perkins, head of global macroeconomics at TS Lombard, said in a note in which he deemed the result of Warsh's approach "a regime of continuous market repricing." "Investors have to get used to FOMC meetings at which they don't know the outcome ahead of time," he added. "That will also provide new trading opportunities. It goes without saying that this may well be what Warsh has wanted all along." Potential ramifications Concerns already have been raised about the chairman's feelings over forward guidance, and that has been exacerbated by a loosely defined reaction function — a delineation of the economic conditions that would cause the Fed to react. Warsh also has spoken critically about the Fed's "dot plot" of individual officials' rate expectations and declined to submit his own dot when the Federal Open Market Committee last updated the grid in June. Adding to the information vacuum by only meeting, say, four or six times a year raises further concerns that a market that has for decades looked for cues from the Fed now will have to guess at policy. "Obviously, if the the dot plot changes or if guidance changes, I don't think that's the end of the world," Hackett said. "If you stop start having less meetings, that's a different level, and that could be seen as disruptive." One potential consequence would be longer-term yields rising faster than shorter-term rates, what the market refers to as a bear steepener, said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. The implication is that fixed income investors would see the Fed holding short-term rates low and causing inflation expectations to rise. Stock Chart IconStock chart icon 10-year Treasury yield in 2026 "Bondholders are not babies trying to have their hands held," Sri-Kumar said. "The bondholders are saying, 'Please don't make my life more difficult by introducing even more uncertainty.'" The federal government literally can't afford a spike in yields as it struggles with financing costs for the $31.1 trillion in outstanding Treasury debt held by the public. If investors sour further on government debt, it will make Bessent's job tougher at a time when interest on the debt is second only to Social Security in government outlays. The Treasury Department estimates it will spend $1.3 trillion this year on debt financing costs. In a CNBC appearance Tuesday, Treasury Secretary Scott Bessent described the Warsh approach as a "detox" for markets. There are plausible benefits and plausible drawbacks, and after such a short time, nobody really knows if the new approach will work. In the meantime, Warsh has a very important speech coming up when the Fed holds its annual gathering in Jackson Hole, Wyoming at the end of August, a time that prior chairmen used to lay out new agendas. "Warsh is trying to undertake a very large change in terms of how to communicate the data and how to interpret it," said Catrambone, the DWS bond strategist. "I would say we should also provide a little bit of grace." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: SpaceX, AMD, Eli Lilly, Disney & more
Check out the companies making the biggest moves premarket: SpaceX — The Elon Musk-led rocket company fell 11% after releasing its first quarterly report since going public in June . SpaceX reported capital expenditures of $18.37 billion in the second quarter, largely driven by artificial intelligence and up 550% from the year-ago period. Second-quarter revenue came in at $7.81 billion, topping an LSEG consensus of $6.93 billion. It also lost 9 cents per share, though it wasn't clear if that was comparable to an estimate of a 26 cent-per-share loss. Disney — The stock was up by more than 3%, despite the media giant reporting a mixed fiscal third quarter . While earnings per share came in above expectations, revenue missed slightly. Revenue for the company's experiences business, which includes its theme parks, was up 10% annually. Arista Networks — Shares gained 12% after second quarter results surpassed estimates. Adjusted earnings came in at $1.02 per share on revenue of $3.04 billion, versus the LSEG consensus estimate of 88 cents a share and $2.82 billion. Non-GAAP operating margins also beat estimates, as did third quarter guidance for profit and revenue. AMD — The chipmaker plunged 8.5% in premarket trading on the back of second-quarter results that failed to impress investors. The company earned an adjusted $1.66 per share on revenue of $11.54 billion. To be sure, those numbers were slightly ahead of LSEG consensus estimates. Q3 revenue guidance was about in line with expectations at $13 billion. Eli Lilly — The pharmaceutical giant jumped more than 6.5% after it reported an earnings and revenue beat in its second-quarter financial report . Eli Lilly also raised its full-year revenue guidance for 2026, as demand for its weight loss drug Zepbound and diabetes treatment Mounjaro continues to surge. Circle Internet Group — Shares were up more than 5% after the company named initial partners for its Arc blockchain for financial services . The company also doubled the midpoint of its full year other revenue guidance to $320 million from $160 million. Wynn Resorts – The casino operator saw shares jump 5%. Second-quarter adjusted earnings came in at $1.24 per share on revenue of $1.86 billion, beating the LSEG consensus calls for $1.11 per share and $1.84 billion. CVS Health — Shares were up over 2.5% after the company reported better-than-expected results on earnings and revenue . The company also increased its adjusted earnings per share guidance for 2026 to $7.90 to $8.10 from $7.30 to $7.50. Kratos Defense & Security Solutions — The maker of unmanned systems for the military rose 10% in premarket trading. Second-quarter revenue beat Wall Street analysts' estimates in all segments. Pinterest – The image-sharing platform slid nearly 9% after guidance failed to impress traders. Third quarter revenue is expected to range between $1.19 billion and $1.21 billion, inclusive of the FactSet consensus estimate of $1.2 billion. Second quarter results beat estimates on the top and bottom lines, however. DaVita — Shares fell over 5.5% despite the kidney dialysis provider reporting better-than-expected results for the second quarter. Full-year earnings guidance ranged from $14.10 to $15.20 per share on an adjusted basis, compared to the FactSet consensus call for $14.88 per share. Teradata — The cloud data analytics provider slumped 13% after third-quarter earnings guidance of 55 to 59 cents per share excluding one-time items trailed a Wall Street consensus estimate of 62 cents, according to FactSet data. Booking Holdings — The online travel site advanced more than 7% after second quarter gross bookings came in at $51 billion, surpassing the Street's estimate of $49.35 billion. Adjusted earnings of $2.54 per share and revenue of $7.35 billion topped the LSEG consensus call for $2.45 per share and $7.19 billion. Uber Technologies — Shares of the ridehailing company fell 3% after Uber's guidance for third-quarter bookings and earnings missed analysts' expectations. For the third quarter, Uber sees bookings of $59.25 billion at the middle of its range, falling below the consensus estimate of $59.33 billion, according to StreetAccount. Carlyle Group — The investment services company rose more than $2 after it reported earnings and revenue that came in above consensus estimates, according to FactSet. Total assets under management was also above expectations, according to StreetAccount, at $485 billion. Flutter Entertainment — The sports betting and iGaming operator was off more than 5% after the company announced CEO Peter Jackson would be leaving the company and Dan Taylor, the head of the company's international business, would replace him on Oct. 1. Flutter also lowered its revenue guidance for the full-year, weighing on shares too. — CNBC's Fred Imbert, Darla Mercado, Ananya Chetia, Tanaya Macheel, Sarah Min and Scott Schnipper contributed reporting.
Stocks making the biggest moves after the bell: SpaceX, AMD, Pinterest, Arista Networks, Wynn Resorts & more
Check out the companies making the biggest moves after the bell: SpaceX — The Elon Musk-led rocket company fell 7% after releasing its first quarterly report since going public in June . SpaceX reported second-quarter revenue of $7.81 billion, topping an LSEG consensus of $6.93 billion. It also lost 9 cents per share, though it wasn't clear if that was comparable to an estimate of a 26 cent-per-share loss. Arista Networks — Shares gained 11% after second quarter results surpassed estimates. Adjusted earnings came in at $1.02 per share on revenue of $3.04 billion, versus the LSEG consensus estimate of 88 cents a share and $2.82 billion. Non-GAAP operating margins also beat estimates, as did third quarter guidance for profit and revenue. AMD — The chipmaker plunged 8% after the bell on the back of second-quarter results that failed to impress investors. The company earned an adjusted $1.66 per share on revenue of $11.54 billion. To be sure, those numbers were slightly ahead of LSEG consensus estimates. Q3 revenue guidance was about in line with expectations at $13 billion. Wynn Resorts – The casino operator saw shares jump 7%. Second quarter adjusted earnings came in at $1.24 per share on revenue of $1.86 billion, beating the LSEG consensus call for $1.11 per share and $1.84 billion. Astera Labs – The semiconductor company wiped earlier gains and was last trading lower by 4%. The decline came even as third quarter guidance Wall Street's estimates. Astera sees adjusted earnings ranging from $1.16 to $1.21 per share and revenue of $540 million to $560 million. Analysts polled by FactSet were looking for 81 cents per share and $417 million. The company also beat on the top and bottom lines in the latest quarter. Kratos Defense & Security Solutions — The maker of unmanned systems for the military rose as much as 8% postmarket before paring that advance. Second-quarter revenue beat Wall Street analysts' estimates in all segments. Pinterest – The image-sharing platform slid 8% after guidance failed to impress traders. Third quarter revenue is expected to range between $1.19 billion and $1.21 billion, inclusive of the FactSet consensus estimate of $1.2 billion. Second quarter results beat estimates on the top and bottom lines, however. DaVita — Shares fell over 6% despite the kidney dialysis provider reporting better-than-expected results for the second quarter. Full-year earnings guidance ranged from $14.10 to $15.20 per share on an adjusted basis, compared to the FactSet consensus call for $14.88 per share. Teradata — The cloud data analytics provider slumped 17% after third-quarter earnings guidance of 55 to 59 cents per share excluding one-time items trailed a Wall Street consensus estimate of 62 cents, according to FactSet data. Booking Holdings — The online travel site advanced more than 5% after second quarter gross bookings came in at $51 billion, surpassing the Street's estimate of $49.35 billion. Adjusted earnings of $2.54 per share and revenue of $7.35 billion topped the LSEG consensus call for $2.45 per share and $7.19 billion. — CNBC's Ananya Chetia and Scott Schnipper contributed reporting.
'A serious mistake': Moody's Analytics economist says the Fed is putting the economy at risk with its silence
Federal Reserve chair Kevin Warsh wants the central bank to say less about where the economy is headed. But one prominent economist argues that the approach could hurt the U.S. economy by leaving financial markets in the dark about the Fed's next moves. Last week, Fed officials voted 9-3 to keep interest rates unchanged in the range of 3.5% to 3.75% for the fifth time in a row. The three dissenting voices came from regional bank presidents who favored a quarter-point rate increase to address energy supply shocks that have pushed up gasoline prices and the cost of a range of other goods. Must Read Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going At a news conference following the conclusion of the two-day meeting, Warsh declined to say what conditions would prompt the Fed to raise interest rates. Financial markets swiftly reacted, sending the yield on the 30-year Treasury bond to 5.22% — its highest level since 2007. That has prompted several analysts to warn that the Fed could face backlash from investors that may threaten the broader economy. "There is a new potential threat to the economy – a serious mistake by the Federal Reserve," Mark Zandi, chief economist at Moody's Analytics, wrote in an X post. "I'm not concerned about the Fed's decision to keep rates unchanged. My concern is that policymakers are unwilling to provide even a modicum of forward guidance — or a broad sense of their reaction function." 'More volatility in bond and stock markets' Zandi said the Fed's reluctance to guide Warsh will leave investors guessing about its strategy to combat inflation and "repeatedly wrong-footed." "That means more volatility in bond and stock markets, which is likely already reflected in a larger term premium, rising long-term interest rates, and a wobbly equity market," Zandi said. "If the Fed continues down this increasingly opaque path, a future meeting could trigger a serious market sell-off — putting the broader economy at risk." Stocks fell while bond yields climbed after the Fed concluded its meeting last week. Economists at Bank of America also warned that traders could begin treating the Fed more like the central bank of a developing economy struggling with credibility issues. Story Continues "A steeper curve, lower equities, and a weaker dollar is the typical price action associated with credibility shocks faced by [emerging market] central banks," Bank of America said in a note. "The Fed is facing a growing credibility problem." Read More: Forget Florida — this is why these two unexpected states are the new retirement hot spots Timing the next interest rate hike The Fed's next policy meeting is scheduled for mid-September. In the meantime, investors have begun pricing in at least one rate increase before the end of the year. The odds of Fed policymakers approving a quarter-point rate hike by year's end stand at 57%, according to CME Group's FedWatch tool, which tracks investor sentiment. JPMorgan is not forecasting an interest rate hike in 2026. But, the bank said a September hike remains possible depending on inflation's trajectory, which the Fed has long aimed to cap at 2%. "All things considered, our base case remains the Fed will not hike rates this year, despite markets continuing to price in 1-2 rate increases by year end," JPMorgan Global Market Strategist Jordan Jackson wrote. "We acknowledge a hike in September as a real possibility depending on how the data evolves." What To Read Next The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes Here's the average income of Americans by age in 2026. Are you keeping up or falling behind? This income fund has paid up to 8.4% in historical returns — here are 4 cash strategies so you can earn more in 2026 Here are the 7 top habits of 'quietly wealthy' Americans. How many do you follow? Join 250,000+ readers and get Moneywise's best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now. This article originally appeared on Moneywise.com under the title: 'A serious mistake': Moody's Analytics economist says the Fed is putting the economy at risk with its silence This article provides information only and should not be construed as advice. It is provided without warranty of any kind. View Comments
U.S. Job Openings Fall Roughly In Line With Estimates In June
(RTTNews) - The Labor Department released a report on Tuesday showing a decrease in job openings in the U.S. in the month of June. The report said job openings dipped to 7.359 million in June from a downwardly revised 7.537 million in May. Economists had expected job openings to drop to 7.350 million in June from the 7.594 million originally reported for the previous month. The Labor Department also said hires increased to 5.348 million in June from 5.252 million in May, while total separations rose to 5.351 million in June from 5.260 million in May. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Philadelphia Fed President Paulson content with rates at current level, but keeping an open mind
Philadelphia Federal Reserve President Anna Paulson said Tuesday that she thinks the current level of interest rates is sufficient to keep inflation moving towards the central bank's goal. In her first CNBC interview, the policymaker insisted she has an open mind about where monetary policy should go, but was confident in her vote last week to keep the Fed's benchmark borrowing rate anchored at its current target level of 3.5%-3.75%. "I think we need ... policy that's mildly restrictive, and I think policy has been mildly restrictive to get underlying inflation back down to 2% in an acceptable time period," Paulson told CNBC's Steve Liesman during a "Squawk Box" interview. "I need to see progress from here." The level of restriction that the current policy level is having on the economy is a key debate point for Fed officials, who have held rates steady all year as inflation has stayed well above the 2% target. At last week's meeting, the Federal Open Market Committee, of which Paulson is a voting member, opted by a 9-3 tally to keep the hold on rates. Dissenting voters questioned whether the current rate level is sufficiently restrictive to bring inflation lower. However, Paulson said voting with the majority wasn't a tough decision. "For me, it was not a close call," she said, adding that she thinks underlying inflation outside of energy supply shocks, tariffs and other factors is around 2.4%-2.8%. The core inflation level that the Fed uses as its primary forecasting tool was 3.3% in June, the Commerce Department reported Thursday. If that level doesn't move lower, then Paulson said she'll be open to adjusting rates. "Maybe there was a little bit of mild progress over the last several months, but I want to see more progress on that, and that's what I'm really focused on," she said. "If we don't see that progress, then we have to be open to recalibrating monetary policy. You know, we need to get to 2%." Paulson added she is keeping an "open mind" about some of the changes Chairman Kevin Warsh has discussed, including the potential to reduce the frequency of FOMC meetings from the current level of eight per year. "It's healthy to have a discussion about that," she said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: McDonald's, Caterpillar, Palantir, Merck & more
Check out the companies making headlines before the bell: McDonald's — Shares of the hamburger chain gained 1.9% after McDonald's posted earnings of $3.38 per share, on an adjusted basis, compared to the LSEG consensus of $3.32 per share. Revenue of $7.1 billion, on the other hand, missed the anticipated $7.13 billion. Merck — The pharmaceutical stock gained more than 1% after Merck lost an adjusted 13 cents per share on revenue of $16.61 billion. Analysts polled by LSEG expected a loss of 27 cents per share on revenue of $16.36 billion. The pharma giant also hiked its full-year revenue guidance. Palantir Technologies — The data analytics giant ripped 15% higher on blowout results for the second quarter that were powered by a nearly 150% surge in U.S. commercial revenue . Caterpillar — The industrial giant climbed 8% after Caterpillar posted second-quarter figures that beat analyst expectations. The company earned an adjusted $8.17 per share on revenue of $20.54 billion. Analysts polled by LSEG expected a profit of $6.20 per share on revenue of $19.34 billion. Pfizer — The pharma giant gained after posting second-quarter results that beat the Street. The company earned an adjusted 77 cents per share on revenue of $15.03 billion. Analysts polled by LSEG expected a profit of 68 cents per share on revenue of $14.41 billion. Pfizer also increased the low end of its full-year revenue outlook. On Semiconductor — The chip stock surged 7% after On Semiconductor's second-quarter results topped expectations. On Semi earned 74 cents per share, excluding certain items, on revenue of $1.6 billion. Analysts polled by LSEG expected a profit of 71 cents per share on revenue of $1.59 billion. The company also reported better-than-expected margins. Snap — The Snapchat parent rose 5% after it released results for the second quarter. The social media company lost 10 cents per share, though it wasn't clear if that figure was comparable to an LSEG consensus. Revenue of $1.6 billion did beat an estimate of $1.54 billion. Global daily active users and average revenue per user — key metrics for the company — also exceeded expectations . Whirlpool — Shares were little changed after Whirlpool posted a second quarter loss that was larger than analysts anticipated. Whirlpool lost an adjusted 21 cents per share, while analysts polled by LSEG expected a loss of 5 cents per share. Revenue of $3.52 billion was also below expectations. On top of that, the company lowered its full-year earnings guidance. Wayfair — The furniture retailer dropped 4% even after Wayfair posted second quarter results that topped estimates, with earnings of 95 cents per share, excluding items, on revenues of $3.52 billion. Analysts polled by LSEG had expected per-share earnings of 89 cents on revenues of $3.47 billion. DigitalOcean — The cloud computing stock plunged 11%, though DigitalOcean posted second quarter earnings of 45 cents per share on revenues of $281 million. That beat the earnings of $0.26 per share on revenues of $279 million expected by analysts, according to LSEG. — CNBC's Fred Imbert contributed reporting
Stocks making the biggest moves after hours: Palantir, On Semiconductor, Snap & more
Check out the companies making the biggest moves after the bell: Palantir Technologies — The data analytics giant ripped 10% higher on blowout results for the second quarter that were powered by a nearly 150% surge in U.S. commercial revenue . On Semiconductor — Shares rallied 5% after the semiconductor maker's second-quarter results beat analyst expectations. On Semi earned 74 cents per share, excluding certain items, on revenue of $1.6 billion. Analysts polled by LSEG expected a profit of 71 cents per share on revenue of $1.59 billion. The company also reported better-than-expected margins. Snap — The Snapchat parent popped 11% after releasing its results for the second quarter. The company lost 10 cents per share, though it wasn't clear if that figure was comparable to an LSEG consensus. Revenue of $1.6 billion did beat an estimate of $1.54 billion. Global daily active users and average revenue per user — key metrics for the company — also exceeded expectations . Whirlpool — The appliance maker dropped 3% after it posted a Q2 loss that was larger than analysts anticipated. Whirlpool lost an adjusted 21 cents per share, while analysts polled by LSEG expected a loss of 5 cents per share. Revenue of $3.52 billion was also below expectations. On top of that, the company lowered its full-year earnings guidance.
The U.S. Manufacturing Industry Is on a Roll
Seven in a row. The U.S. manufacturing economy has grown for seven consecutive months. Growth is finally turning into more manufacturing jobs. The Institute for Supply Management’s Purchasing Managers Index, or PMI, came in at 55. Continue Reading
Kalshi traders think July jobs report will come in slightly cooler than economists’ predictions
The Bureau of Labor Statistics is set to release the employment picture for July on Friday, and economists are expecting a gain of 85,000 jobs in the month, according to Dow Jones consensus estimates. However, traders on prediction market platform Kalshi think those figures may come in lower. Speculators place just a 47% chance that employers added more than 80,000 jobs in July, but they also give a 60% chance that they added more than 70,000 jobs in the month. The contracts on the platform ask traders what the jobs number will be for July, asking if the official figure will be above a series of numbers. Contracts are resolved using the official data from the Bureau of Labor Statistics. A beat compared with consensus estimates isn't out of the question, even if not likely: traders place a 41% chance employers added 90,000 jobs in July, and just over a one-in-three chance that the number will come in at six figures. However, traders also think there's a one-in-three chance the number will come in below 60,000. Last month, Kalshi traders placed a 63% chance that employers added more than 125,000 jobs in June, above consensus estimates for 115,000. However, the official figure came in much lower, at just 57,000 jobs added. Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
California's diesel prices have jumped since the Iran war started, with ripple effects across the country
California is home to the highest fuel prices in the U.S. as well as the busiest containership port complex in the nation. So as the Iran war enters its sixth month and petroleum-product prices remain elevated, consumers across the U.S. could be hit with higher prices for a host of everyday products. Nearly one-third of containership imports and exports travel through the San Pedro Bay port complex. In other words, before goods end up on shelves across the nation, they're first hauled by trucks and trains paying California fuel prices. Since the war in Iran began, much of the focus has been on oil itself, but experts say petroleum product markets are much tighter — especially when it comes to diesel. "I think this refining challenge is going to be with the world for a while," ExxonMobil CEO Darren Woods told CNBC on Friday. "Even after the Strait opens up, we'll see more products start to flow through the Strait, which is going to be critically important. But we've still got the Russia capacity that's been lost, and we'll have to see what the Chinese do with respect to exporting," he added. The combination of the war in Iran and Ukraine ramping up attacks on Russian refining infrastructure means the world is now short about 8% of global diesel demand, according to Lipow Oil Associates' Andy Lipow. Diesel is sometimes known as the workhorse of the American economy since trucks and trains that transport goods across the U.S. are powered by it. The U.S. is the world's largest energy producer, but California's fossil fuel industry has shrunk over the years and refiners have closed. The state also doesn't have major fuel pipelines that connect it to other parts of the U.S., and has strict environmental regulations, all of which drive up prices at the pump. The average price for a gallon of diesel in the U.S. is $5.36, according to AAA, but in California it's $6.92, up from $5.10 prior to the war. "[A] meaningful share of America's supply chain pays West Coast fuel prices," JPMorgan analysts led by Natasha Kaneva said in a June note to clients. "These prices influence freight costs, transportation margins, and ultimately the delivered cost of goods nationwide," the firm added. Watch the video above to hear more about how California's fuel prices trickle through the U.S. economy. — CNBC's Macklin Fishman contributed reporting. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The US Just Intervened in Japan’s Markets. Why Treasury Secretary Scott Bessent Says the Yen Crisis Might Not Be Over – ‘We Will Not Hesitate’
The United States and Japan executed a rare coordinated yen-buying intervention last Friday, July 31, marking the first joint action to strengthen the Japanese currency since 1998. The operation was confirmed today, Aug. 3, by both Japan's Finance Minister Satsuki Katayama and U.S. Treasury Secretary Scott Bessent, with both officials explicitly warning that they would not hesitate to intervene again. More News from Barchart CoreWeave Just Scored a Leidos Partnership. What That Means for CRWV Stock Here. Palantir Is Set to Deliver Strong Q2. Analysts See 60% Upside Potential for PLTR Stock. How to Play Jersey Mike's Subs Stock After the JMKE IPO Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. "The Trump Administration delivers for America's trusted partners," wrote Bessent on social media. "Economic security is national security. And the U.S.-Japan alliance is built on both," he continued, adding that "We will not hesitate to participate in further joint intervention." The Mechanics of US Intervention in the Yen The yen (JPYUSD) had plunged to nearly 164 per dollar on July 23, its weakest level in approximately 40 years, before the combined intervention drove it back to the 155-157 range by Monday morning. The scale of the operation was extraordinary. Bank of Japan data suggests Tokyo may have sold as much as $59 billion to buy yen on Thursday alone, likely its largest single-day intervention ever. On the U.S. side, a Reuters photograph captured Bessent's handwritten notepad at a Camp David cabinet meeting reading "Buy Japanese Yen (JPY) $5-10 bil," and the Federal Reserve Bank of New York subsequently sold euros to purchase yen on behalf of the Treasury through Goldman Sachs (GS) and Morgan Stanley (MS). What Could Trigger Another Round of US Intervention? Bessent's rationale for calling the crisis potentially unfinished rests on deeply unfavorable structural fundamentals that intervention alone cannot resolve. Japan's government debt exceeds 237% of GDP, Prime Minister Takaichi's expansionary fiscal policies continue to undermine confidence in the currency, and elevated energy import costs denominated in dollars place persistent downward pressure on the yen. The Fed-BOJ interest rate gap remains enormous, with U.S. rates at 3.50-3.75% versus Japan's 1%, making the yen an unattractive holding and fueling the carry trade. In a recent "Market on Close" livestream, Barchart's Senior Market Strategist John Rowland detailed the "carry trade" dynamics, and how the unwinding of this play can have disastrous effects on US markets. Story Continues The US Treasury Catalyst Behind the Yen Rescue The U.S. motivation for this unprecedented step is fundamentally one of self-preservation. Japan holds $1.14 trillion in U.S. Treasury securities, the largest foreign holdings of any nation. A collapsing yen forces Japan to sell those Treasuries to finance unilateral currency defense, which directly pushes up American borrowing costs at a time when U.S. debt has reached $39.84 trillion and annual interest payments already exceed $1 trillion. The 30-year Treasury yield closed July at 5.27%, and any additional selling pressure from Japan would ripple into mortgage rates, auto loans, and credit card costs across America. Don't Overlook the FIMA Signal The emphasis on the Federal Reserve's FIMA Repo Facility is arguably the most strategically significant signal from the entire episode. Bessent called for this facility to be "upsized," and Japan announced plans to utilize it for future operations. This mechanism allows Japan to obtain dollar liquidity by temporarily pledging Treasury securities as collateral rather than selling them outright, effectively enabling yen defense without destabilizing U.S. bond markets. One State Street analyst suggested this signal may be more important than the intervention itself: "It's an attempt to maximize the signaling effect and get the biggest bang for the buck with the tools already available," noted Masahiko Loo in comments quoted by CNBC. Is This a Fix for the Yen, or a Band-Aid? Despite the historic nature of coordinated action, market analysts remain deeply skeptical about the durability of any yen recovery. Multiple strategists noted that unless the Bank of Japan accelerates its rate-hiking cycle or the Federal Reserve begins cutting rates, the fundamental forces driving yen weakness persist. The BOJ kept rates unchanged at its July meeting but signaled a possible September hike, and financial markets are now pricing that move as increasingly likely. However, carry trade positioning remains massive, with hedge funds holding approximately $9.5 billion in yen-short contracts as of late July, and any sustained yen appreciation risks triggering a disorderly unwinding reminiscent of August 2024's global equity selloff. The intervention also carries geopolitical dimensions that explain Washington's willingness to act. A weak yen effectively neutralizes the trade advantage created by Trump's tariffs by making Japanese exports cheaper, giving the U.S. an economic incentive to correct what it views as substantial currency undervaluation. In particular, the decision to reportedly sell euros rather than dollars to fund the U.S. portion of the intervention has raised questions among some analysts about whether Washington was trying to minimize direct dollar weakness, potentially undercutting the perceived commitment. What's Next for the Yen Bessent's statement that he plans to meet BOJ Governor Ueda at the G20 ahead of the September policy meeting underscores that the yen crisis remains a live issue, with the trajectory depending far more on whether Japan can narrow interest rate differentials than on any amount of foreign exchange reserves deployed in the spot market. This article was created with the support of automated content tools from our partners at Sigma.AI. Together, our financial data and AI solutions help us to deliver more informed market headline analysis to readers faster than ever. On the date of publication, Sarah Holzmann did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com View Comments
Stocks making the biggest moves premarket: Alibaba, Bristol-Myers Squibb, eBay & more
Check out the companies making the biggest moves premarket: AstraZeneca , Bristol Myers Squibb — Shares of the pharmaceutical companies moved in opposite directions after The Financial Times reported that the two were in talks to merger. AstraZeneca fell more than 4%, while Bristol Myers jumped more than 5%. ArcelorMittal — The steelmaker was up more than 2% after it announced it was deepening its technology partnership with Microsoft. ArcelorMittal said Microsoft's Azure will serve as the backbone for plants to modernize its technology systems, and that it will implement other infrastructure services by Microsoft into its systems. Shares of Microsoft were also up 2%. Alibaba — U.S.-listed shares of the Chinese gained 4% after the company unveiled a new AI model on Monday. Qwen3.8-Max is one of the most powerful models in the company's portfolio yet , and it is set to be released officially next week. Ferguson Enterprises — Shares were up nearly 8% after S & P Dow Jones Indices announced on Friday the stock will join the S & P 500 . Ferguson will replace Electronic Arts before the opening bell on Wednesday. eBay — The e-commerce platform tumbled more than 3% after Wells Fargo downgraded the stock to underweight from equal weight. The bank said eBay's acquisition of Depop, which was completed last week, will lead to weaker earnings in fiscal year 2027 and potentially increased spending on marketing to against the newly acquired company's competitors. Memory stocks — Shares of memory storage companies were broadly lower to start the week, following choppy trading last week . SanDisk and Micron Technology were both down more than 3%, while Seagate Technology was off 2.5%. Circle Internet Group — The stablecoin issuer declined 5% after Morgan Stanley downgraded the stock to underweight from equal weight. The bank said the company faces tactical and structural headwinds, including a weaker outlook for USDC, the stable coin tied to the U.S. Dollar, in circulation in 2027.
Business Council Alberta calls for immediate federal action to end WestJet disruption
Calgary, AB, Aug. 02, 2026 (GLOBE NEWSWIRE) -- With negotiations between WestJet and its flight attendants at an impasse, the Business Council of Alberta (BCA) is calling on the federal government to intervene immediately to restore air service. In 2025, the federal government acted within hours of the Air Canada cabin crew strike. Canadians affected by the WestJet disruption deserve the same urgency and a consistent response from their federal government for an Alberta based airline. The Business Council of Alberta calls on the federal government to invoke Section 107 of the Canadian Labour Code to end the strike and get WestJet planes flying again. “More than 15 hours have passed since WestJet flight attendants went on strike during one of the busiest travel weekends of the summer,” said Adam Legge, President of the Business Council of Alberta. “The federal government has both the authority and the responsibility to intervene. The BCA urges them to act immediately to restore air service and limit further harm to Canadian families, businesses, and the economy.” Disruptions across Canada’s ports, railways, airlines and seaways have become increasingly commonplace. In 2025, Canada lost 4.3 million person-days to work stoppages—the highest number ever recorded. The transportation sector accounted for 36 per cent of all stoppages and experienced more than 60 work stoppages over the past two years. This is no longer an occasional disruption; it is a recurring pattern of instability that Canada cannot afford. This instability risks undermining the country’s competitiveness, trade relationships, and the attraction of private-sector investment in which Prime Minister Carney has himself set a goal of $1 trillion in total investment over five years. Beyond resolving the immediate disruption, the BCA urges the federal government to pursue reforms that strengthen early dispute resolution, improve bargaining certainty, and reduce the likelihood of prolonged disruptions in nationally significant transportation and supply chain networks. The recent submission is here: the Canada Labour Code Canadians should be able to make plans for a long weekend, and businesses should be able to make plans for long-term investment, with confidence that Canada’s transportation networks will keep moving. About the Business Council of Alberta The Business Council of Alberta is a CEO-based council comprised of more than 130 chief executives and leading entrepreneurs of the province’s largest enterprises. Council members are proud to represent the majority of Alberta’s private sector investment, job creation, exports, and research and development. BCA is committed to working with leaders and stakeholders across Alberta and Canada in proposing practical public policy solutions and initiatives that will make life better for Albertans. www.businesscouncilab.com
ThinkCareBelieve: Week 80 of the Trump 2.0 Administration
Washington, DC, Aug. 01, 2026 (GLOBE NEWSWIRE) -- ThinkCareBelieve announces a New Report on the events of Week80of the Trump Administration, part of a weekly series covering all the exciting achievements and events as they happened since President Trump took office in January 2025. The article can be accessed in full at https://thinkcarebelieve.blog/2026/08/01/week-80-of-the-trump-2-0-administration/ This article provides details and direct links to primary sources covering the following: 1) Anyone seeking proven professional Truck Drivers or wanting to join the Freedom Hauler force, You can hire a Freedom Hauler here. 2) How will the disarmament of Hamas affect lasting Peace in the Middle East? 3) How did Scott Bessent and the Treasury Department create two major breakthroughs this week through Operation Economic Fury? 4) A recent poll shows that less than half Americans believe that Joe Biden definitively won the 2020 election? 5) How did the FBI, CIA and the media cover up that Biden was being blackmailed by China and what records show proof of it? 6) There was a stern, deliberate tone to this week’s Cabinet Meeting at Camp David. 7) "Bing. Bing. Bing, Bing, Bing." President Trump's words still echo throughout space/time. ThinkCareBelieve’s mission for Peace advocacy facilitates positive outcomes and expanded possibilities. To achieve Peace, we will find the commonalities between diverse groups and bring the focus on common needs, working together toward shared goals. Activism is an important aspect of ThinkCareBelieve, because public participation and awareness to issues needing exposure to light leads to justice. Improved transparency in government can lead to changes in policy and procedure resulting in more fluid communication between the public and the government that serves them. The article highlights events that took place in America, and can be used as a reference, a resource or a review. America’s Weekly Golden Chronicle here: https://thinkcarebelieve.blog/2025/12/01/americas-weekly-golden-chronicle-list/ The Trump Administration’s Agenda for Greatness: https://thinkcarebelieve.blog/2026/03/28/the-trump-administrations-agenda-for-greatness/ How President Trump Helped Real People: https://thinkcarebelieve.blog/2024/10/22/how-president-trump-really-helped-real-people/ The Seth Rich FBI Files: https://thinkcarebelieve.blog/2026/07/09/the-seth-rich-fbi-files/ Finding the Children: https://thinkcarebelieve.blog/2026/07/11/finding-the-children/ Election Integrity: https://thinkcarebelieve.blog/2026/07/17/election-integrity/ Anthony Fauci’s Diary and Hearing: https://thinkcarebelieve.blog/2026/08/01/week-80-of-the-trump-2-0-administration/ ###
Investors may want to focus on front end of yield curve — as Street anticipates next Fed meetings
Bond market investors may want to shift their focus toward the front of the yield curve, according to Allspring Global Investments' Noah Wise. The bottom line: Focus exposure on short-term Treasurys over long duration. Wise, the firm's head of global macro strategy and a senior portfolio manager, sees the strategy as part of a diversified portfolio to deliver profits due to the monetary policy backdrop. "You see a market that's pricing in a couple of hikes for the Fed here over the next couple of years," he told CNBC's "ETF Edge" this week ahead of Wednesday's Fed decision on interest rates. "That type of yield north of 4% with relatively low risk is, in our view, pretty attractive." Allspring primarily focuses on fixed income, money markets and stocks. According to the firm's website, clients range from consultants and financial advisors to corporations and financial institutions. Wise also sees opportunity in the U.S. credit market, citing strong macro fundamentals. "We like [U.S.] credit, whether that's investment grade or high yield, more than we like European credit at this time," he said. But credit is not the only avenue to diversification. Wise is also seeing opportunities in emerging markets, and he's heading south. "Particularly in Latin America, you can find yields that are at [double digits] so there's a lot of opportunities," he said. "I think even with the challenges and risks that we see geopolitically, you can still generate pretty attractive yield and income in a really diversified manner." In a special note to CNBC, Wise wrote that this week's Fed decision to leave rates unchanged has not changed his investment strategy. "Opportunity always lurks where uncertainty is found. The market [moving] in short-term Treasury yields between these two Fed meetings is a good example of this, and our strategies have been tactically adjusting our exposure to this part of the curve in an effort to take advantage of that volatility," he wrote. Disclaimer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: Apple, Amazon, Reddit, GoDaddy, IES Holdings & more
Check out the companies making the biggest moves midday: IES Holdings — Shares were up over 30% after the electrical services company posted better-than-expected quarterly results. IES' board also recently approved a two-for-one split of its common stock, which would be paid as a stock dividend. GoDaddy – Shares of the website domain provider tanked 20% after the company issued guidance that underwhelmed Wall Street. GoDaddy reaffirmed free cash flow of about $1.8 billion for the full year, roughly in line with the FactSet consensus call for $1.81 billion. Revenue for the period is expected to range from $5.215 to $5.255 billion, versus the consensus estimate of $5.24 billion. Cash flow of about $444 million for the latest quarter came in sharply below the consensus estimate of $473 million, per LSEG. Newell Brands – The owner of Rubbermaid food storage products and Graco baby gear rose 11%. Newell lifted guidance for the full year, calling for earnings of 73 cents to 77 cents per share, up from its earlier forecast of 56 cents to 60 cents per share. The outlook also surpassed the FactSet consensus estimate of 58 cents per share. SPX Technologies — The power boiler maker rallied 14% on second-quarter results that exceeded analyst expectations. SPX Technologies also raised its full-year earnings and revenue outlook. Veracyte — Shares of the global diagnostics company fell 24% after Veracyte's latest financial results failed to impress investors despite exceeding analyst expectations. In addition to adjusted earnings and revenue coming in above the consensus estimates, the company also raised its full-year revenue guidance. Shares had moved 7% higher Thursday ahead of the earnings release. Replimune Group — Shares were up over 94% for the clinical-stage biotechnology company after a Food and Drug Administration advisory panel voted in favor of the company's RP1 drug trial results for a type of skin cancer. Wedbush Securities upgraded Replimune Group to outperform from neutral following the decision. Jersey Mike's — Shares were up 6% after the sandwich restaurant chain made its public debut on Thursday. Jersey Mike's opened at $21 per share , a dip from its public offering price of $23 per share. It closed with a 6% fall the day of its debut. Chevron — Shares were rose 1.6% after the energy giant reported better-than-expected earnings and revenue for the second quarter. Chevron recorded $12.1 billion in net income, a nearly 400% increase from the same period last year. ExxonMobil — Shares fell 2% after the energy giant reported weaker-than-expected earnings for the second quarter. The company earned an adjusted $3.52 per share, while analysts polled by LSEG expected a profit of $3.60 per share. Moderna — The biotech giant dropped 1% despite the company posting second-quarter results that beat the Street. Moderna lost $1.97 per share on revenue of $145 million. Analysts expected a loss of $2.03 per share on revenue of $102.9 million. Full-year revenue guidance was also above expectations. Amazon — The e-commerce giant's shares shot up 15% after the firm reported better-than-expected revenue and cloud growth for the second quarter on Thursday. Revenue in Amazon's cloud segment expanded 37% year over year during the quarter, surpassing Wall Street's expectations for 31% growth and marking the unit's fastest growth in 18 quarters. Apple — The tech giant saw shares fall more than 9% after it reported stronger-than-expected revenue for the fiscal third quarter, driven by a 22% increase in iPhone sales. Coinbase — The crypto exchange slid more than 12% after posting its third straight quarterly loss . The company reported a loss of $359.5 million, or $1.36 per share, while analysts had anticipated a loss of 17 cents a share. Revenue of $1.22 billion was shy of the $1.31 billion estimate. Reddit — The social media platform's shares dropped 22%, underscoring Wall Street's concerns about the company's search-referral traffic from Google. CEO Steve Huffman said search referrals were "choppy" in the quarter. The company did report second-quarter earnings that beat on the top and the bottom lines, while issuing guidance that sailed past expectations. Novo Nordisk — Shares fell 9% after phase 3 trial results for its drug ziltivekimab failed to reduce major cardiovascular events compared to placebo. — CNBC's Darla Mercado and Michelle Fox contributed reporting.
U.S. Consumer Sentiment Improves More Than Previously Estimated In July
(RTTNews) - A report released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved more than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was upwardly revised to 55.2 from a preliminary reading of 54.4. Economists had expected the index to be downwardly revised to 54.2. With the unexpected upward revision, the index is well above the June reading of 49.5 and the record low of 44.8 hit in May. "Despite recent gains, sentiment is 11% below a year ago, reflecting a generally somber view of the economy amid five years of elevated inflation and persistent high prices," said Surveys of Consumers Director Joanne Hsu. She added, "Consumers remain focused on pocketbook issues like purchasing power, while political or military developments remain more in the background." The report also said the current economic conditions index surged to 54.8 in July from 47.7 in June, while the index of consumer expectations jumped to 55.4 in July from 50.7 in June. With regard to inflation expectations, the University of Michigan said year-ahead inflation expectations fell to 4.2 percent in July from 4.6 percent in June. Hsu noted the current reading substantially exceeds the 3.4 percent seen in February before the Iran conflict began, along with all 2024 readings. The report also said long-run inflation expectations held steady from last month at 3.3 percent, remaining a bit higher than the 2.8 to 3.2 percent range seen in 2024. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Fed officials who voted to hike rates say action is needed now against inflation
Federal Reserve officials who voted this week against the decision to hold interest rates steady said Friday they favor hiking now as a way to stave off inflation. "In my view, now is the time for the [Federal Open Market Committee] to act to speed the return of PCE inflation to our 2 percent objective and deliver on our commitment to price stability for the American people," Cleveland Fed President Beth Hammack said in a statement. "The longer that high inflation persists, the more challenging and costly it can be to bring it back down." Similarly, Minneapolis Fed President Neel Kashkari said he believes small hikes now can prevent the need for larger moves later. "In my view, a potential series of small policy moves would be better than waiting and eventually concluding that even bolder actions were necessary," he said. Kashkari and Hammack joined Dallas Fed President Lorie Logan in dissenting against holding the Fed's key overnight borrowing rate in a range between 3.5%-3.75%. The other nine voting members of the FOMC voted in favor of keeping the rate steady, where it has been all year following a series of three cuts in the latter part of 2025. Inflation has held above the Fed's 2% target for more than five years, spiking again this war following the Iran war and the impact of President Donald Trump's tariffs. Though price increases eased in June as Middle East tensions briefly eased, energy costs again have risen and generated fears that the Fed will have to tighten. Though he voted in favor of the hold, Fed Chairman Kevin Warsh said he remains resolute in getting inflation back to target. "We have begun a new chapter, and we understand that the five-plus years of inflation above target cannot be cured in nine weeks — or by a single month of modest price decreases," he said. However, Hammack said she is "not confident it will return to our objective on its own." "Supply-side factors, including energy prices, have boosted inflation this year, but I see inflationary pressures coming from the demand side of the economy, as well," she added. Hammack said her constituents in the Cleveland area have been describing "pricing pressures as broadening rather than fading, and consumers are expressing despair over persistently higher prices." For his part, Kashkari's comments harken back to both the 1970s period of high inflation and the more recent episodes in which Fed officials initially dismissed the flare-up as "transitory" and brought on up issues related to the Covid pandemic. "Economic theory argues that monetary policy is the right tool to address demand-driven inflation but faces greater trade-offs when dealing with supply shocks," he said, adding, "I increasingly believe that monetary policy does have an important role to play in addressing a series of successive supply shocks that might lead to entrenched higher inflation." Logan is expected to release a statement explaining her vote later Friday morning. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Replimune, Chevron, Apple, Amazon, Moderna & more
Check out the companies making the biggest moves premarket: Replimune Group — Shares were up over 130% for the clinical-stage biotechnology company after a Food and Drug Administration advisory panel voted in favor of the company's RP1 drug trial results for a type of skin cancer. Wedbush Securities upgraded Replimune Group to outperform from neutral following the decision. Jersey Mike's — Shares were up 1% after the sandwich restaurant chain made its public debut on Thursday. Jersey Mike's opened at $21 per share , a dip from its public offering price of $23 per share. It closed with a 6% fall the day of its debut. Chevron — Shares were rose slightly after the energy giant reported better-than-expected earnings and revenue for the second quarter. Chevron recorded $12.1 billion in net income, a nearly 400% increase from the same period last year. ExxonMobil — Shares fell 2% after the energy giant reported weaker-than-expected earnings for the second quarter. The company earned an adjusted $3.52 per share, while analysts polled by LSEG expected a profit of $3.60 per share. Moderna — The biotech giant dropped more than 4% despite the company posting second-quarter results that beat the Street. Moderna lost $1.97 per share on revenue of $145 million. Analysts expected a loss of $2.03 per share on revenue of $102.9 million. Full-year revenue guidance was also above expectations. Amazon — The e-commerce giant's shares shot up more than 11% after the firm reported better-than-expected revenue and cloud growth for the second quarter on Thursday. Revenue in Amazon's cloud segment expanded 37% year over year during the quarter, surpassing Wall Street's expectations for 31% growth and marking the unit's fastest growth in 18 quarters. Apple — The tech giant saw shares fall more than 7% after it reported stronger-than-expected revenue for the fiscal third quarter, driven by a 22% increase in iPhone sales. Coinbase — Shares of the crypto exchange slid more than 5% after posting its third straight quarterly loss on Thursday evening. The company reported a loss of $359.5 million, or $1.36 per share, while analysts had anticipated a loss of 17 cents a share. Revenue of $1.22 billion was shy of the $1.31 billion estimate. Reddit — The social media platform's shares dropped 12%, underscoring Wall Street's concerns about the company's search-referral traffic from Google. CEO Steve Huffman said search referrals were "choppy" in the quarter. The company did report second-quarter earnings that beat on the top and the bottom lines, while issuing guidance that sailed past expectations. Novo Nordisk — Shares fell more than 10% after phase 3 trial results for its drug ziltivekimab failed to reduce major cardiovascular events compared to placebo. — CNBC's Christina Cheddar Berk, Yun Li and Fred Imbert contributed reporting.
MTN proposes interim dividend of N26 per share.
MTNN Declares Another Big Dividend for Shareholders! The Board has approved an interim dividend of *₦26.00 per share. Key Dates - Qualification Date: 20 August 2026 - Payment Date: 7 September 2026 The Highlights - EPS: ₦33.00 - Interim Dividend: ₦26.00 per share - Dividend Payout Ratio: 78.8% With almost 79% of half-year earnings paid out, MTNN is showing strong profitability, solid cash flow, and real confidence in the business.
MTN proposes interim dividend of N26 per share.
MTNN Declares Another Big Dividend for Shareholders! The Board has approved an interim dividend of *₦26.00 per share. Key Dates - Qualification Date: 20 August 2026 - Payment Date: 7 September 2026 The Highlights - EPS: ₦33.00 - Interim Dividend: ₦26.00 per share - Dividend Payout Ratio: 78.8% With almost 79% of half-year earnings paid out, MTNN is showing strong profitability, solid cash flow, and real confidence in the business.
Stocks making the biggest moves midday: Meta, Microsoft, MarketAxess, Crocs & more
Check out the companies making the biggest moves in midday trading: Crocs — The shoemaker tumbled more than 10% despite beating fiscal second-quarter expectations and raising its fiscal year forecast. The company's second-quarter margins were weaker than expected, and estimates for the third quarter were also light. Year to date, Crocs stock has gained more than 16%. Microsoft — The tech giant jumped 15% after reporting quarterly revenue of $90.01 billion, topping estimates of $87.62 billion, per LSEG. Azure growth of 43% at constant currency beat StreetAccount estimates of 40.2% growth. The company also said Azure revenue in the 2026 fiscal year surpassed $100 billion for the first time. Meta Platforms — Shares tumbled more than 9% after the company posted earnings per share of $6.18 for the latest quarter, missing analysts' estimates by $1.04 per share, according to LSEG. It also forecasted third-quarter revenue between $61 billion and $64 billion, the lower end of which is lighter than the $63.15 billion estimated by analysts. MarketAxess — Shares jumped 30% after New York Stock Exchange-parent Intercontinental Exchange agreed to buy the bond trading platform for $167 per share, or more than $5 billion. The cash deal represents a premium of nearly 33% from Wednesday's close, and it's expected to be completed in the first half of 2027. Quanta Services — Shares jumped nearly 15% after Quanta Services beat FactSet consensus on revenue and earnings. The provider of infrastructure solutions also increased its guidance for full-year adjusted EPS, revenue and adjusted EBITDA. Yum Brands — The Taco Bell owner's stock rose 4% after management outlined a plan to recover from the impact of the cyclosporiasis outbreak on its results. The company's same-store sales fell 2% in the U.S. so far this quarter, but the company said trends were improving. The multistate outbreak has been linked back to some iceberg lettuce served at its locations. Fair Isaac — The FICO credit score developer plunged more than 16% on mixed results for the fiscal third quarter. While earnings beat a FactSet consensus estimate, revenue came in just below expectations. The lack of a timeline on when the company's direct license program will launch also put pressure on the stock. "With respect to the DLP, not a lot of new news. We're literally waiting on certification from one of the [government-sponsored enterprises] so that we can go live," said CEO William Lansing in a conference call. C.H. Robinson Worldwide — The logistics provider plunged 15% after North American Surface Transportation adjusted gross margin in the latest quarter narrowed to 13.1% compared with a consensus estimate of 14.7% among analysts surveyed by FactSet. Cash from operations of $35.9 million trailed a consensus forecast of $141.1 million. PBF Energy — The oil refiner jumped more than 15% to an all-time high after second-quarter gross margin per barrel of $23.40 topped analysts' consensus estimate $19.11, according to FactSet data. Cash from operations totaled $1.59 billion against a Street forecast of $901 million, and capital spending was far below what analysts had expected. Teladoc Health — The virtual health-care services company plunged 29% after its second-quarter revenue fell short of expectations. Teladoc reported revenue of $606.9 million, compared to the $615.4 million expected from analysts polled by FactSet. It also lowered its full-year revenue guidance. Norwegian Cruise Line — The cruise operator cut its full-year forecast, sending shares down 7%. Norwegian Cruise Line now expects full-year earnings of $1.50 per share, versus its prior guidance of $1.45 to $1.79 per share. Analysts had expected EPS guidance of $1.66, per FactSet. Bristol-Myers Squibb — Shares added more than 1% following the biopharmaceutical company's beat on the top and bottom lines. Bristol Myers Squibb saw second-quarter adjusted earnings of $2.04 per share on revenue of $12.97 billion. Analysts polled by LSEG had expected EPS of $1.59 on revenue of $11.75 billion. Starbucks — The coffee retailer saw its shares gain 3% after raising its full-year outlook and reporting growth in same-store sales of 7.9%. Earnings came in at 85 cents per share on an adjusted basis, beating analysts' estimates of 66 cents per share, according to LSEG. Starbucks reported $9.32 billion in revenue for the quarter, versus $9.16 billion expected. Carvana — The online used-car retailer's shares fell 12% after the company's full-year earnings guidance of between $2.7 billion and $3 billion missed Wall Street’s expectations. Estimates included forecasts of $3 billion to $3.2 billion from Deutsche Bank and $4.45 billion from Morgan Stanley. Chipotle Mexican Grill — The burrito chain's shares rose 13% as the company's quarterly earnings showed a beat on the top and bottom lines. Chipotle also forecasted same-store sales for the full year will increase by a low single digit percentage, which is higher than its previous outlook of flat same-store sales for the year. Lam Research — Shares of semiconductor equipment manufacturer climbed more than 18% on the back of better-than-expected fiscal fourth-quarter results. Lam earned $1.82 per share, excluding items, on revenue of $6.72 billion. Qualcomm — The chipmaker saw its shares fall 3% on mixed quarterly results. Adjusted earnings of $2.21 per share were slightly off the analyst estimate of $2.23 per share, according to LSEG. Revenue of $9.95 billion beat the estimate of $9.67 billion. Align Technology — The Invisalign maker's shares fell almost 3% after the company reported quarterly earnings and revenue that just narrowly beat analysts' estimates, per FactSet. The lower end of the company's third quarter revenue guidance, between $1 billion and $1.02 billion, was lighter than the $1.02 billion analysts estimated. Baxter International — The medtech company popped roughly 16% on the back of its latest results. Baxter posted adjusted earnings of 56 per share, topping the 37 cents expected from analysts polled by FactSet. Revenue came in at $2.96 billion, versus the $2.08 billion consensus estimate. The company also raised its full-year guidance for EPS and revenue growth. Cigna — The health insurer shed 3% following its second-quarter earnings report. Cigna posted adjusted earnings of $7.78 per share on revenue of $71.67 billion. Analysts polled by LSEG had expected EPS of $7.60 on revenue of $70.34 billion. While the company raised its full-year adjusted EPS guidance by 10 cents, it was in line with expectations, per FactSet. Altria — The tobacco giant lost 8% after its second-quarter adjusted earnings came in at $1.48 per share, missing the FactSet consensus forecast of $1.50 per share. The company also boosted its 2026 capital expenditures to between $375 million and $450 million. It previously anticipated capex of $300 million to $375 million. Sirius XM — Shares fell 5% on the back of the satellite radio provider's earnings miss. The company posted EPS of 70 cents, versus the 78 cents expected from analysts polled by FactSet. — CNBC's Scott Schnipper, Fred Imbert, Tanaya Macheel, Christina Cheddar Berk and Ananya Chetia contributed reporting
Stocks making the biggest moves premarket: Meta, Microsoft, Teladoc, Norwegian Cruise Line & more
Check out the companies making the biggest moves in premarket trading: Microsoft — The tech giant jumped 9% after reporting quarterly revenue of $90.01 billion, topping estimates of $87.62 billion, per LSEG. Azure growth of 43% at constant currency beat StreetAccount estimates of 40.2% growth. The company also said Azure revenue in the 2026 fiscal year surpassed $100 billion for the first time. Meta Platforms — Shares tumbled nearly 9% after the company posted earnings per share of $6.18 for the latest quarter, missing analysts' estimates by $1.04 per share, according to LSEG. It also forecasted third quarter revenue between $61 billion and $64 billion, the lower end of which is lighter than the $63.15 billion estimated by analysts. Teladoc Health — The virtual health-care services company plunged 18.5% after its second-quarter revenue fell short of expectations. Teledoc reported revenue of $606.9 million, compared to the $615.4 million expected from analysts polled by FactSet. It also lowered its full-year revenue guidance. Norwegian Cruise Line — The cruise operator cut its full-year forecast, sending shares down 7%. Norwegian Cruise Line now expects full-year earnings of $1.50 per share, versus its prior guidance of $1.45 to $1.79 per share. Analysts had expected EPS guidance of $1.66, per FactSet. Bristol-Myers Squibb — Shares added more than 1% following the biopharmaceutical company's beat on the top and bottom lines. Bristol Myers Squibb saw second-quarter adjusted earnings of $2.04 per share on revenue of $12.97 billion. Analysts polled by LSEG had expected EPS of $1.59 on revenue of $11.75 billion. Starbucks — The coffee retailer saw its shares jump 6% after raising its full-year outlook and reporting growth in same-store sales of 7.9%. Earnings came in at 85 cents per share on an adjusted basis, beating analysts' estimates of 66 cents per share, according to LSEG. Starbucks reported $9.32 billion in revenue for the quarter, versus $9.16 billion expected. Carvana — The online used-car retailer's shares fell 10% after the company's full-year earnings guidance of between $2.7 billion and $3 billion missed Wall Street’s expectations. Estimates included forecasts of $3 billion to $3.2 billion from Deutsche Bank and $4.45 billion from Morgan Stanley. Chipotle Mexican Grill — The burrito chain's shares rose 6% as the company's quarterly earnings showed a beat on the top and bottom lines. Chipotle also forecasted same-store sales for the full year will increase by a low single digit percentage, which is higher than its previous outlook of flat same-store sales for the year. Fortinet — The cybersecurity stock soared 12% as strong second-quarter billings helped the company to outpace analyst estimates. Fortinet earned 90 cents per share after adjustments on revenue of $2.05 billion. Analysts surveyed by LSEG predicted it would earn 75 cents per share on $1.89 billion. Its third-quarter forecast also solidly topped Wall Street's expectations. Lam Research — Shares of semiconductor equipment manufacturer climbed nearly 9% on the back of better-than-expected fiscal fourth-quarter results. Lam earned $1.82 per share, excluding items, on revenue of $6.72 billion. Qualcomm — The chipmaker saw its shares fall more than 4% on mixed quarterly results. Adjusted earnings of $2.21 per share were slightly off the analyst estimate of $2.23 per share, according to LSEG. Revenue of $9.95 billion beat the estimate of $9.67 billion. Align Technology — The Invisalign maker's shares fell almost 4% after the company reported quarterly earnings and revenue that just narrowly beat analysts' estimates, per FactSet. The lower end of the company's third quarter revenue guidance, between $1 billion and $1.02 billion, was lighter than the $1.02 billion analysts estimated. MarketAxess — Shares were halted on news the company will be acquired by New York Stock Exchange-parent Intercontinental Exchange for $167 per share, valuing MarketAxess at more than $5 billion. The cash deal represents a premium of nearly 33% from Wednesday's close, and it's expected to be completed in the first half of 2027. Baxter International — The medtech company popped roughly 14% on the back of its latest results. Baxter posted adjusted earnings of 56 per share, topping the 37 cents expected from analysts polled by FactSet. Revenue came in at $2.96 billion, versus the $2.08 billion consensus estimate. The company also raised its full-year guidance for EPS and revenue growth. Cigna — The health insurer shed nearly 4% following its second-quarter earnings report. Cigna saw adjusted earnings of $7.78 per share on revenue of $71.67 billion. Analysts polled by LSEG had expected EPS of $7.60 on revenue of $70.34 billion. While the company raised its full-year adjusted EPS guidance by 10 cents, it was in line with expectations, per FactSet. Anheuser-Busch InBev — U.S.-listed shares of the brewer slipped 3%, despite the company reporting second-quarter earnings and revenue that topped expectations. Anheuser-Busch also saw " flattish " margins. The stock has run up nearly 33% this year. Altria — The tobacco giant lost 3% after its second-quarter adjusted earnings came in at $1.48 per share, missing the FactSet consensus forecast of $1.50 per share. The company also boosted its 2026 capital expenditures to between $375 million and $450 million. It previously anticipated capex of $300 million to $375 million. Sirius XM — Shares fell 12% on the back of the satellite radio provider's earnings miss. The company posted EPS of 70 cents, versus the 78 cents expected from analysts polled by FactSet. — CNBC's Tanaya Macheel, Christina Cheddar-Berk and Ananya Chetia contributed reporting
Here are the five big takeaways from this week's Fed meeting
The Federal Reserve on Wednesday followed through on expectations for no interest rate change, and Chairman Kevin Warsh offered little direction in his news conference. The meeting was notable for a surge in dissenting votes, while Warsh looked to provide some clarity on the board's thought process. Here are the five biggest takeaways from this week's Fed actions: The "family fight" returns: Three voters on the Federal Open Market Committee voted against the hold, favoring instead a quarter percentage point hike. "I asked for a good family fight, and I got one. That's the purpose. That's the design feature," Warsh said. "There was a lot more interaction between and among my colleagues. It was a real family fight." All the "no" votes came from regional presidents: Lorie Logan of Dallas, Neil Kashkari of Minneapolis and Beth Hammack of Cleveland, none terribly surprising given previous statements they made.Another short and sweet statement: Other than detailing the "no" votes the statement was unchanged and still dramatically shorter than the Fed norm. "As before, the policy statement conveys just the facts. It's steering clear of forecasting, a choice we consider especially prudent at these uncertain times," Warsh said. "Uncertainty, however, does not mean a lack of clarity."Dedication to slaying inflation, but ...: Warsh again stated the Fed's resolve to keep inflation under control, but braced markets and the public that it won't be an easy fight nor will it end soon. "We've got no magic wand," he said. "This isn't something that we're going to be able to carry out in days or weeks."Revolt in the market: Despite the chairman's tough talk on inflation, markets weren't having it. Treasury yields at the long end of the curve soared, even as the policy-sensitive 2-year dipped. Translation: We think you're going to keep short-term policy rates in check, and it's going to create a ton of inflation later. The 30-year bond was the biggest gainer, roaring higher by 11.5 basis points to 5.211%, its highest yield since 2007 and seemingly undercutting Warsh's inflation warrior credentials.No clues on September: Investors looking to get any further hints on whether the Fed will hike at the Sept. 15-16 FOMC meeting were largely out of luck. The statement offered no clues, either on forward guidance or even on the reaction function, and Warsh was at best cryptic on which way he will push. "So I take seriously that the pullback of forward guidance requires some transition. Reform isn't easy, but our general judgment is going to help us make better decisions, and in so doing, satisfy our remit," Warsh said. They said it "No doubt, in some of your commentaries today, you'll talk about a divided Federal Reserve. Well, that's not the feeling I felt the last couple of days and the couple days before. What I felt was a group of professionals, all the different perspectives, different views, different judgments, but eager to roll up their sleeves and have a family fight, and eager to reform the way in which the Fed does policy." — Warsh, commenting on the tenor of the two meetings he's chaired so far. "We have long argued that September not July is when Warsh faces a binding credibility test/trap. If inflation and/or the war and energy run relatively hot over the summer he will have to hike in order to preserve his credibility. The key difference is that September is in a broad sense data-dependent while July was Warsh preferences dependent." — Krishna Guha, head of global policy and central bank strategy at Evercore ISI. "[T]he Warsh Fed seems to be turning a blind eye to the message the bond market's higher yields are sending about the inflation risks. Stay tuned. The reform-oriented Federal Reserve under Chair Warsh is looking like a bust. The bond market wants answers, but is getting nothing in return." — Chris Rupkey, chief economist at Fwdbonds. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Divided Fed holds interest rates steady, but three members voted to hike
WASHINGTON – The Federal Reserve on Wednesday voted to hold its key interest rate steady but not without opposition from three officials who have expressed concern over inflation and wanted to hike. Despite increasing support among some officials for a rate increase, the Federal Open Market Committee voted 9-3 to leave the federal funds rate in a range between 3.5% and 3.75%. All of the "no" votes came from regional presidents – Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas – who had been the most explicit about the need for higher rates to address inflation that has been above the Fed's 2% target for more than five years. The post-meeting statement noted that the three dissenters "preferred to raise the target range for the federal funds rate by ¼ percentage point at this meeting." The no votes presented an early challenge to Chairman Kevin Warsh, whose refusal to provide clear road signs on where monetary policy is headed led to an unusually high level of uncertainty heading into the meeting. Markets largely had expected the central bank policymakers to approve another hold on rates, though there had been some inclination – about a 1-in-3 chance, according to the CME Group's FedWatch tool – that a surprise rate hike was in the cards. Prediction markets had a higher level of certainty that the Fed would hold. Warsh has argued that the Fed should spend less time trying to tell markets what it will do and instead emphasizing the conditions under which action would be taken. However, Wednesday's statement provided neither, even with markets largely expecting the Fed to hike in September. The post-meeting statement was almost identical to the one following the June 17 decision and was in keeping with the Fed's actions all year, following three rate cuts in the latter part of 2025. Officials again noted that "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East." The statement further said that job growth has "kept pace with the workforce and the unemployment rate has changed little" even as the U.S. labor force has contracted. As in June, the statement concluded with the simple declaratory, "The Committee will deliver price stability." Officials favoring tighter policy argued inflation has been a burden on households and is not showing clear signs of abating. Recent price pressures have reflected both tariffs imposed by President Donald Trump and higher energy costs tied to the Iran conflict. The full committee in June penciled in one quarter-percentage-point increase by the end of 2026. Governor Christopher Waller also voiced worries recently over inflation, saying higher rates could be necessary if more progress isn't made. However, he voted in favor of a hold at this meeting. For his part, Warsh has called inflation "a choice," and he repeatedly stressed the importance of getting prices in check during recent hearings on Capitol Hill. But from a policy perspective, Warsh has expressed disdain for the Fed's past practice of providing forward guidance on its expectations for rates. Keeping with Warsh's first meeting, the statement was much shorter than what had become the norm. Warsh has stressed changing the way the Fed communicates, even dedicating one of five task forces he has created to address the issue. In the weeks leading up to the meeting, his FOMC colleagues had expressed disparate policy views. New York Fed Chair John Williams has said he sees current policy well-positioned to bring inflation back to target. However, Logan countered that "modestly" higher rates would be needed. Hammack also has been an inflation hawk, citing the pressure households are facing from persistently higher prices across the board. Earlier this week, Trump showed support for Warsh, calling him "fantastic" while noting other Fed officials had "bad intentions" and perhaps had political motivations. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Here's what changed in the second Fed statement under Warsh
Economists and investors got their latest look at the Federal Reserve's new era of communication with Wednesday's Federal Open Market Committee statement. Below is a comparison of Wednesday's FOMC statement with the one issued after the Fed's previous policymaking meeting in June. Text removed from the June statement is in red with a horizontal line through the middle. Text appearing for the first time in the new statement is in red and underlined. Black text appears in both statements. Wednesday's release marked the second such statement under Chairman Kevin Warsh, who has promised a significant shakeup of how they Fed projects its expectations for monetary policy to the public. The prior Fed statement in June offered one of the first glimpses into how different communication will look with Warsh at the helm. June's statement contained around 130 words, down from figures above 300 recorded in recent meetings, according to a CNBC analysis of the releases. It contained no forward guidance or information about how FOMC members voted, both of which were fixtures of releases under predecessor Jerome Powell. Warsh acknowledged a "difference" in the statement early in his first press conference as chair in June. He said forward guidance was "not well suited for the current policy conjuncture." "It's a bit shorter, a bit simpler and it dispenses with some older language," Warsh said in June. "That statement just gives you the facts, as best we can judge it." Investors had previously scoured the formulaic release for edits in language that could indicate a change in policy views within the central bank. But since last month's release, traders have been wondering if the Fed would now use a new, shorter template — or if the statement will look substantially different each meeting. Some on Wall Street have turned to artificial intelligence-powered tools to parse communication from a Warsh-led central bank. Warsh announced in June that he was forming task forces to review key aspects of the Fed's operations. He said earlier this month that University of Washington professor Peter Fisher and former Bank of England Governor Mervin King are among the members of the communication-focused group. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Biogen, Vertiv, GE HealthCare, Generac & more
Check out the companies making the biggest moves premarket: Biogen — Shares were up 0.7% after the biotechnology company beat Wall Street consensus on revenue. The company also raised its full-year adjusted EPS guidance. Vertiv — The AI infrastructure name tumbled 13% on mixed results for the second quarter. While earnings and revenue beat analyst expectations, Vertiv's revenue year-on-year organic growth of 17.8% was well below the FactSet consensus of 23.6%. Generac — The power generator builder jumped 5.5% on better-than-expected earnings for the second quarter. Generac earned $2.91 per share, excluding certain items, beating a FactSet forecast of $2.01. per share. The company also reiterated its revenue growth guidance for the year. Procter & Gamble — Shares dropped over 3% after the company's quarterly revenue missed analyst expectations . Procter's top line for the fiscal fourth quarter came in at $21.2 billion, just below an LSEG forecast of $21.38 billion. Net income also fell to $3.04 billion from $3.62 billion a year ago. GE HealthCare Technologies — Shares were up 12% after the healthcare solutions provider reported second-quarterly adjusted earnings per share of $1.13, beating a FactSet consensus of $1.04 per share. The company also reaffirmed its full-year earnings guidance for 2026. Deutsche Bank — The German banking giant rose more than 2% on the back of strong Q2 results. Deutsche Bank posted an after-tax profit of 1.9 billion euros, a record for the period. CFO Raja Akram told CNBC that all of the bank's businesses performed well during the quarter. General Dynamics — Shares were up nearly 1% after the global aerospace and defense company beat Wall Street consensus estimates on revenue and earnings per share. The company's backlog was at $136.5 billion. Ford Motor — Shares surged 6% after the automaker posted second-quarter adjusted earnings that beat expectations and hiked its 2026 earnings outlook. But the company's automotive revenue came in slightly below the expectations of analysts polled by LSEG. CoStar — The real estate marketplace stock tumbled 15% after second-quarter revenue failed to meet the expectation of analysts surveyed by FactSet. CoStar also told investors to expect between $935 million and $945 million in current-quarter revenue, missing the consensus forecast of $967.5 million. Rocky Brands — The apparel manufacturer surged 16% after reporting second-quarter earnings per share, excluding items, that more than tripled from the same period a year ago. The Ohio-based company said several brands saw strong double-digit growth rates and that it was aided by tariff refunds. PPG Industries – The paint and glass manufacturer dropped around 1% after second-quarter earnings per share and adjusted EBITDA missed Wall Street analysts' estimates. However, PPG reaffirmed its full-year guidance for earnings per share. KLA Corp – The manufacturer of wafer fab equipment slid 7% after the company issued disappointing guidance. KLA sees first-quarter adjusted earnings of $1.16 per share, plus or minus 10 cents, while the LSEG estimate called for $1.14 per share. Revenue is expected to be around $4 billion, plus or minus $200 million, compared to the Street's estimate of $3.92 billion. Seagate Technology – Shares of the data storage company rose 6% after Seagate issued an outlook that trounced analysts' expectations. Seagate sees first-quarter adjusted earnings of around $7.30 per share, while analysts were looking for $5.80 per share, per LSEG. Revenue is expected to be roughly $4.1 billion, versus the $3.75 billion estimate. Shares of Western Digita l rose 4% in sympathy. Manhattan Associates – The supply chain software provider climbed 11% after second-quarter earnings and revenue topped analyst estimates. Manhattan Associates also raised full-year profit and revenue forecasts. Visa – The payments technology stock lost 2% after Visa's guidance for the 2026 fiscal year underwhelmed the Street. The company reaffirmed its earnings per share growth on an adjusted nominal dollar basis in the mid-teens, roughly in line with the FactSet consensus estimate of 14.7%. Earlier in the day, the company said it would slash about 2,600 jobs or roughly 7% of its headcount. Teradyne – The maker of semiconductor test equipment surged 9%. Second-quarter adjusted earnings and revenue, and third-quarter profit and sales forecasts, all topped Street estimates, FactSet data showed. NXP Semiconductors – The designer of semiconductor products lost 1.7%. Non-GAAP gross margin in the second quarter was in line with the Street's forecast, coming in at 58%. NXP anticipates adjusted earnings in the third quarter will range from $3.89 to $4.32 per share, compared to the LSEG estimate of $3.98 a share. Skyworks Solutions — The semiconductor manufacturer slumped 9% after adjusted margin in the third quarter narrowly missed analysts' expectations, coming in at 44.9% versus the 45.0% anticipated. Adjusted EPS for the fourth quarter is expected to be $1.27 per share, compared to the $1.28 per share LSEG consensus. —CNBC's Fred Imbert, Alex Harring, Scott Schnipper and Darla Mercado contributed reporting.
Beloved 60-year old international coffee chain closes all locations
In a time when Americans are turning to credit cards to afford groceries, and retailers are battling one another to offer lower fuel prices, ordering an iced latte at a coffee shop has become something many people can no longer afford. Even the ever-popular Starbucks has floundered in the last few years, between rising costs of living and competitors like Dutch Bros. and 7Brew stealing its edge. And while Starbucks is slowly making a recovery under the watchful eye of CEO Brian Niccol, not every chain will be that lucky -- even if they've successfully served the public for decades. Merrie England, a West Yorkshire cafe chain founded in 1966 that's been a staple of many patrons' lives across the decades, has announced it's shutting down operations, with all six locations across Huddersfield, Halifax, and Brighouse closing immediately. Employees were notified via text message on the evening of July 27. After 60 years, this has been an incredibly difficult decision, and our thoughts are especially with the teams across our seven shops who have lost their jobs." "It is with great sadness that we announce the closure of Merrie England," the company wrote in a Facebook post on July 28. "After 60 years, this has been an incredibly difficult decision, and our thoughts are especially with the teams across our seven shops who have lost their jobs. We know people may have strong feelings, but we kindly ask that comments are kept respectful. There are real people, families, staff, customers, and suppliers affected by this news. Thank you to everyone who has supported Merrie England over the years. Your loyalty and kindness have meant so much." Merrie England crunched by a struggling economy The company also issued a statement on its website explaining the reasons behind the decision, citing "a sustained increase in the cost of goods, business rates, energy costs, and the wider rising costs associated with staffing and government policy." The statement also mentioned seeing less foot traffic and customer spend in its locations, saying that "many people [are] understandably unable or unwilling to pay the prices that businesses now need to charge in order to survive." Related: 52-year-old international restaurant chain closing all locations Loyal patrons of the chain flooded the comments on Facebook and Instagram with memories of their favorite moments. "Used to get my lunch from there when I was at New College in the '90s! A simple ham bap with a toasted fruit teacake! Those were the days... sorry to hear about your closure!" one wrote on Facebook, while another said, "Oh no, this is devastating. The quality and consistency over that time has always been so good. I've introduced so many to your wonderful hot roast beef and try whenever I would return home to Hudds to have one and get some to take back." Story Continues However, some comments suggested there was more to the story of the shutdown. "Devastated," Instagram user natashasanko wrote. "This was my grandparents' business, who worked extremely hard to make it what it was. It started out as an ice cream business (my Nan's dad came over from Italy to set this up), and my talented granddad took it over and set up Merrie England. A local treasure with the world's best beef sandwiches. It's disappointing to see it decline in quality over the past two years under new ownership. This is not what my grandparents would have wanted." More Retail: 52-year old international restaurant chain closing all restaurants 78-year old mall retailer quietly closes 24 stores Costco rival lets drivers freeze the price of gas for 4 days Costco rival lets drivers freeze the price of gas for 4 days The commenter is referring to Merrie England's acquisition, which took place in August 2024. Originally run for five decades by Keith and Anita Hanselman and the Hanselman family, Merrie England had a warm local vibe, and it also offered one of the first drive-thru coffee options in the UK. When the family was ready to retire, they sold it to local businessman Gary Conway for an undisclosed sum. Conway, who co-founded alcoholic beverage company SkinnyBrands in 2015, said he planned to expand Merrie England's footprint. Directors Ian and Anne Coumont, of Yorkshire-based restaurant Burgers&More, also invested in the purchase.Merrie England has closed all its locations.Philip Openshaw / Getty Images Merrie England's fate is not unique While Merrie England had great success for decades, the chain met with a fate many family-owned chains do: being taken over by investors who don't understand the key to the brand's success. In the case of Merrie England, it's clear from the comments about its closure that people made lifelong memories there. Many also praise the quality of the food over the years, which the Hanselman family took great pride in. It even inspired poet laureate Simon Armitage, who penned a poem about the women who worked there. Private equity firms have a playbook for taking over small businesses, which usually targets aging owners who have poured their blood, sweat, and tears into building it. It goes like this: The small business buyout plan Identify small businesses with loyal following, consistent cash flow, and owners who want to retire Send out advisors to praise what they've built and offer big money with promises to expand or better the business, while hiding damaging info in the fine print Divest the business when they find they lack what made it special Go hunt for the next big opportunity Small business owners on Reddit's small business sub who have sold to private equity firms cite mixed experiences, with some leaning more negative than positive. "Revenue was down by 80% in two years post-close, and all my employees quit by the first year," one wrote, also saying it was "scary how easy" the process of selling was. "3 signatures and I sold my business for 7 figures while I was sitting at home watching TV," they wrote. "I know two separate people, one a direct family member and another a very close friend, who sold businesses to large PE groups," another user wrote. "Both were successful multi-million dollar family businesses who just wanted outside opinions, fresh ideas, and added capital for investment into newer tech/softwares. Both scenarios were EERILY similar. The assimilation processes went very smoothly until a year in, they were let go for not being "culture fit" in their own family businesses and were told to pack their bags in 15 minutes and get out." Related: Discount grocery chain closing stores This story was originally published by TheStreet on Jul 28, 2026, where it first appeared in the Restaurants section. Add TheStreet as a Preferred Source by clicking here. View Comments
Stocks making the biggest moves after hours: Ford, Teradyne, Visa, KLA Corp and more
Check out the companies making headlines in after-hour trading. Ford Motor — Shares surged 6% after the automaker posted second-quarter adjusted earnings that beat expectations and hiked its 2026 earnings outlook. But the company's automotive revenue came in slightly below the expectations of analysts polled by LSEG. CoStar — The real estate marketplace stock tumbled 12% after second-quarter revenue failed to meet the expectation of analysts surveyed by FactSet. CoStar also told investors to expect between $935 million and $945 million in current-quarter revenue, missing the consensus forecast of $967.5 million. Rocky Brands — The apparel manufacturer surged 16% after reporting second-quarter earnings per share, excluding items, that more than tripled from the same period a year ago. The Ohio-based company said several brands saw strong double-digit growth rates and that it was aided by tariff refunds. Mondelez – The maker of Sour Patch Kids and Oreo cookies jumped 1%. Mondelez posted second quarter profit of 73 cents a share on revenue of $9.36 billion. Analysts polled by LSEG were looking for 68 cents per share and $9.20 billion. Adjusted gross margin of 34% also beat the StreetAccount consensus call for 32.8%. Varonis Systems – Shares of the data security company shed 8% as current quarter guidance disappointed Wall Street. Varonis sees third-quarter adjusted earnings in a range of 2 to 3 cents per share, compared to the FactSet consensus for 2 cents a share. Revenue is expected to land between $185 million and $188 million, while analysts sought $186.1 million. PPG Industries – The paint and glass manufacturer dropped 4% after second-quarter earnings per share and adjusted EBITDA missed Wall Street analysts' estimates. However, PPG reaffirmed its full-year guidance for earnings per share. KLA Corp – The manufacturer of wafer fab equipment slid 9% after the company issued disappointing guidance. KLA sees first-quarter adjusted earnings of $1.16 per share, plus or minus 10 cents, while the LSEG estimate called for $1.14 per share. Revenue is expected to be around $4 billion, plus or minus $200 million, compared to the Street's estimate of $3.92 billion. Seagate Technology – Shares of the data storage company rose 8% after Seagate issued an outlook that trounced analysts' expectations. Seagate sees first-quarter adjusted earnings of around $7.30 per share, while analysts were looking for $5.80 per share, per LSEG. Revenue is expected to be roughly $4.1 billion, versus the $3.75 billion estimate. Shares of Western Digita l rose 4% in sympathy. Manhattan Associates – The supply chain software provider climbed 7% after second-quarter earnings and revenue topped analyst estimates. Manhattan Associates also raised full-year profit and revenue forecasts. Visa – The payments technology stock lost almost 2% after Visa's guidance for the 2026 fiscal year underwhelmed the Street. The company reaffirmed its earnings per share growth on an adjusted nominal dollar basis in the mid-teens, roughly in line with the FactSet consensus estimate of 14.7%. Earlier in the day, the company said it would slash about 2,600 jobs or roughly 7% of its headcount. Teradyne – The maker of semiconductor test equipment surged 14% postmarket. Second-quarter adjusted earnings and revenue, and third-quarter profit and sales forecasts, all topped Street estimates, FactSet data showed. NXP Semiconductors – The designer of semiconductor products lost 5%. Non-GAAP gross margin in the second quarter was in line with the Street's forecast, coming in at 58.0%. NXP anticipates adjusted earnings in the third quarter will range from $3.89 to $4.32 per share, compared to the LSEG estimate of $3.98 a share. Skyworks Solutions – The semiconductor manufacturer slumped 10% after adjusted margin in the third quarter narrowly missed analysts' expectations, coming in at 44.9% versus the 45.0% anticipated. Adjusted EPS for the fourth quarter is expected to be $1.27 per share, compared to the $1.28 per share LSEG consensus. — CNBC's Darla Mercado and Scott Schnipper contributed reporting.
44 states are aligned on one thing in their fight against prediction markets. It's about sports wagering
A coalition of 44 state attorneys general wrote in a letter to the Commodity Futures Trading Commission on Monday that the agency doesn't have the power to regulate sports-related event contracts on prediction market platforms. The letter was sent as the public comment period for the CFTC's first proposed rule on prediction market regulation expired Monday evening. The measure primarily focuses on exchanges' sports offerings. "The Proposed Rule goes beyond the CFTC's statutory powers, is in tension with the Constitution, and would otherwise be arbitrary and capricious in its current form," wrote the coalition of states attorneys general, led by Ohio Attorney General Andy Wilson. "The CFTC should start afresh with its rulemaking and clarify that sports bets and gambling cannot be traded on [designated contract markets], but are instead subject to state law." Attorneys general representing Florida, Georgia, New Hampshire, Missouri and Texas did not sign the letter. States and the CFTC have been locked in a jurisdictional battle ever since prediction market exchanges' volumes exploded last year, primarily driven by the popularity of their sports-related contracts. The 2026 FIFA World Cup sent platform volumes to new heights. The CFTC — and prediction market platforms — argue that all event contracts are swaps, a derivative that is regulated by the commission. However, states across the country believe that the sports-related contracts look too much like sports betting, which is in their jurisdictional wheelhouse. In June, the commission released a first draft of its proposed rule on regulating prediction markets. The draft focused heavily on the controversial sports-related event contracts, including describing which ones may end up prohibited. It also crafted a definition for "gaming," which the commission in the rule said is something done for recreation or to entertain, is governed by rules and is based on measurable outcomes determined by skilled activity during the activity. In its own letter to the CFTC, derivatives marketplace CME Group disagreed with this definition. "By defining 'gaming' as the sport itself rather than the financial wagering on the sport, the CFTC's definition suggests the [Commodity Exchange Act] is preempting state sports regulations, which is a striking overreach," wrote CME general counsel Jonathan Marcus in the letter. The CFTC has used federal preemption as an argument in court proceedings across the U.S. against states to defend what it sees as its exclusive jurisdiction to regulate prediction markets. The commission is in litigation with nine states across the country to defend that belief. While the CME is concerned about the federal government regulating sports-related event contracts, the exchange acts as sportsbook FanDuel's CFTC-regulated exchange for its sports prediction markets. Meanwhile, prediction market platform Rothera — which launched in June — argued that the commission should adopt the "gaming" definition precisely because it makes it about the activity itself. "A definition keyed to wagering, or to 'risking something of value' would, as the Commission recognizes, sweep in every event contract," Rothera CEO Thomas Chippas wrote in a letter to the commission. "Rothera agrees that a definition keyed to 'wagering' should be rejected." Observers of prediction markets widely agree the Supreme Court will likely have the final say in who gets to regulate sports-related event contracts. Until then, a flurry of other court decisions are deciding the status of prediction markets' offerings. Those decisions are often yielding diverging results. A Michigan judge in late June blocked platform Kalshi from offering sports bets in the state, while a federal judge in Minnesota on Monday temporarily blocked a statewide ban on prediction markets from taking effect Saturday. Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The future of Wall Street is here as startups and brokers build AI agents to trade 24/7
Imagine telling an AI agent how much risk you're willing to take, your retirement goals and when your kids will start college — then letting it manage your portfolio while you sleep. That vision of agentic trading, in which artificial intelligence doesn't just recommend investments but carries them out, is moving from concept to reality. Brokerages, startups and even retail investors are building AI agents that can help oversee portfolios and automate investing tasks once handled by humans. "Effectively everybody has their own family office that is working 24/7 for them while they're awake or sleeping," said Devin Ryan, head of financial technology research at Citizens. "This isn't 10 years away. This is coming in the next few years." Ryan believes those agents will eventually do much more than buy and sell securities. He envisions AI continuously managing taxes, cash balances, borrowing, mortgages and investment portfolios — all tailored to an investor's financial goals. Fully autonomous investing remains a work in progress, but the race to build it is already underway. Building the future Rather than trying to create fully autonomous trading systems overnight, many firms are taking a gradual approach. Startup Podium Markets AI is among those building AI specifically for investing. Its assistant, Ivy, analyzes a customer's portfolio across multiple brokerage accounts and generates recommendations based on the investor's goals and risk tolerance. But it stops short of acting on its own. Users still decide whether to follow the recommendation and execute the trade themselves. "The AI informs, but the human decides," said Dirk Mueller-Ingrand, co-founder and CEO of Podium Markets AI. "The average investor still should be very much in charge of the final decision. ... We're going down the path of a persistent AI finance or trading buddy who's always with you." Larger brokerages are moving in the same direction. Robinhood in May introduced tools allowing third-party AI agents to connect with customer accounts. Brokerage firm Public, meanwhile, is developing AI agents in-house that can automate investing workflows within its platform. "What this era of agentic is doing ... it goes away from just being able to research something by yourself and then make up your own ideas and then trade the way you've traded where it's now becoming automated and where AI agents can actually execute investment strategies on your behalf," said Leif Abraham, Public's co-founder and co-CEO. Ryan estimated agentic finance could increase transaction volumes by at least tenfold. A retail investor who currently trades roughly twice a month could eventually trade 20 times a day under an agentic model, he said. "By the end of next year, we think that on some of these platforms, the majority of transaction activity by number of trades will be done by agents, if you can believe that," Ryan said. From ChatGPT to investing agents While Wall Street is building agentic investing tools, retail investors have spent the past three years testing what general purpose AI can do. Since ChatGPT burst into the mainstream in late 2022, many investors have used AI tools such as ChatGPT and Anthropic's Claude to summarize earnings reports, research companies and generate stock ideas. The results have been mixed, with some users treating AI as a research assistant while others have found it unreliable for making investment decisions. Obioha Okereke, a 29-year-old technology consultant in Georgia and founder of the financial literacy platform College Money Habits, built an agent using Claude to search for undervalued stocks and options opportunities. "It was essentially just asking Claude to act as a hedge fund analyst to find undervalued stocks," he said, adding that he still reviewed every recommendation before placing a trade. "I will always stand by AI being a tool as opposed to a replacement." Thomas Schlossmacher, a 31-year-old retail investor and founder whose company Specialty Tokens builds AI systems for businesses, tested a trading agent after seeing claims online that AI could uncover profitable market patterns. Instead, he said he "was just losing money consistently." "I think if you're using it for an automated system or relying on an agent to do it for you, you probably want a professional," he said. "To blindly give an agent and say, 'Hey, make me money,' I think is kind of dumb." Building guardrails The debate highlights one of the industry's biggest challenges. Teaching an AI agent to buy or sell a stock is relatively straightforward. Teaching it what an investor actually means is much harder. An investor might simply tell an agent to "grow my portfolio aggressively." But does that mean taking on more volatility, concentrating holdings, using options or accepting a greater chance of loss? An AI agent can faithfully follow instructions and still produce an outcome the investor never intended. That's why many firms are building guardrails before giving AI greater authority. Public, for example, requires users to review and approve an agent's workflow before it carries out any investing tasks. "You still have the last word," said Abraham. "The AI agent will not have its own mind. ... It will only execute." The more responsibility AI agents assume, the more important it becomes for firms to ensure the technology behaves as intended. "You have to make sure that the customer's best interests are at the forefront," said Citizen's Ryan. "If the agent is not behaving as modeled or as you expect, that becomes a risk for the firm." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Coca-Cola, Sherwin-Williams, Johnson & Johnson & more
Check out the companies making headlines before the bell: Coca-Cola — Shares popped 2% after the beverage company topped earnings expectations and hiked its full-year outlook. Coca-Cola posted adjusted earnings per share of 97 cents, more than the 93 cents anticipated by analysts polled by LSEG. Revenue of $13.38 billion also exceeded the $13.16 billion expected. Sherwin-Williams Company — The paint manufacturer rose nearly 6% after reporting second-quarter results that beat the Street. Sherwin-Williams earned an adjusted $3.70 per share on revenue of $6.79 billion. Analysts polled by FactSet expected a profit of $3.52 per share on revenue of $6.6 billion. The company also hiked its full-year earnings outlook. Hilton Worldwide Holdings — The hospitality stock dipped 2.7% after Hilton's current quarter guidance missed expectations, though it reported a beat in second quarter earnings and revenue. The company issued guidance of $2.28 to $2.34 earnings per share in the third quarter, missing the FactSet consensus estimate for $2.43 per share. Johnson & Johnson — The health and pharma giant rose more than 2% after it agreed to settle thousands of lawsuits alleging some of its talc products caused ovarian cancer. J & J will pay a combined $5.5 billion to resolve the lawsuits. Cadence Design Systems — Shares rose 3% after the chip design company posted second quarter adjusted earnings of $2.11 per share, beating the LSEG consensus estimate of $2.05 per share. Revenue of $1.58 billion came in line with expectations. Rambus — Shares slid more than 4%, even after the maker of memory interface chips posted a beat in the second quarter. Rampus reported adjusted earnings of 77 cents per share on revenues of $207 million. Analysts polled by LSEG had expected earnings of 72 cents per share on revenues of $198 million. Universal Health Services — The hospital and healthcare services provider dropped 3% after the company lowered its full-year guidance. Universal Health Services now expects adjusted earnings in the range of $22.28 to $23.65 per share, down from prior guidance of $22.64 to $24.52 per share, for the year ending December. Welltower — The senior housing real estate investment trust climbed 4.5% after Welltower raised its full-year guidance. It called for normalized funds from operation in a range of $6.36 to $6.44 per share, topping the FactSet consensus estimate of $6.30. Happen — The bank formerly known as LendingClub saw shares advance more than 6%. Full-year guidance for earnings of $1.80 to $1.90 per share surpassed the FactSet consensus of $1.74 per share. The company sees loan originations ranging from $12.2 billion to $12.6 billion for the year. Cincinnati Financial — The stock dipped nearly 2% after the insurer posted disappointing second quarter results. Operating earnings of $1.43 per share missed the FactSet consensus estimate of $1.84 per share. Net premiums of $2.64 billion came in below the $2.66 billion anticipated by analysts. — CNBC's Darla Mercado contributed reporting.
Stocks making the biggest moves after hours: Cadence Design Systems, Rambus, Welltower and more
Check out the companies making headlines after hours. Cadence Design Systems — Shares of the chip design company popped more than 4% after Cadence Design posted second quarter earnings of $2.11 per share, excluding items, topping the LSEG consensus estimate of $2.05 per share. Revenue of $1.58 billion came in line with expectations. Rambus — The maker of memory interface chips rose slightly after posting second quarter earnings of 77 cents per share, on an adjusted basis, on revenues of $207 million, exceeding estimates. Analysts surveyed by LSEG had expected earnings of 72 cents per share on revenues of $198 million. Universal Health Services — The hospital and healthcare services provider dropped more than 4% after it lowered its full-year guidance. The company expects earnings in the range of $22.28 to $23.65 per share, on an adjusted basis, down from prior guidance of $22.64 to $24.52 per share, for the year ending December. Welltower — Shares of the senior housing real estate investment trust jumped 4%. Welltower raised its full-year guidance, calling for normalized funds from operation in a range of $6.36 to $6.44 per share, topping the FactSet consensus estimate of $6.30. Happen — The bank formerly known as LendingClub saw shares advance 4%. Full-year guidance for earnings of $1.80 to $1.90 per share surpassed the FactSet consensus of $1.74 per share. The company sees loan originations ranging from $12.2 billion to $12.6 billion for the year. F5 — The multi-cloud security company gained almost 2%. Third-quarter results were ahead of the Street's expectations. F5 reported adjusted earnings of $4.73 per share on revenue of $865 million, while the LSEG consensus sought $4 per share and $388 million in revenue. Cincinnati Financial — The insurer lost almost 4% after it posted disappointing second quarter results. Operating earnings of $1.43 per share missed the FactSet consensus estimate of $1.84 per share. Net premiums of $2.64 billion came in below the $2.66 billion anticipated by analysts. Nucor — The steel producer dipped 1% even after posting second quarter earnings and revenue that beat expectations. The stock was already up more than 50% year to date. Principal Financial Group — Shares fell 3% even after the retirement services company posted operating earnings of $2.42 per share, excluding items, which topped the $2.34 per-share earnings expected by analysts polled by FactSet. The stock is already up more than 25% this year. — CNBC's Darla Mercado contributed to this report.
Stocks making the biggest moves midday: ASML, SK Hynix, SAP, Forte Bio, Brown-Forman & more
Check out some of the companies making the biggest moves midday: ASML — The maker of semiconductor manufacturing equipment slid 8%. China began mass production of domestically made deep ultraviolet chipmaking tools, The Information reported. Memory chip stocks — Shares rose broadly after chipmaker CXMT debuted as a public stock in Shanghai , soaring more than 466%. SK Hynix dropped more than 8%, SanDisk slid 11% and Micron Technology lost 5%. SAP — The German software company whose ADRs trade on the New York Stock Exchange jumped more than 7% after it said it would start the second part of a 10 billion-euro stock buyback announced in January, the FactSet StreetAccount service said. Energy stocks — The group followed oil prices lower, after the U.S. and Iran agreed to pause attacks against each other , for now. Chevron and ExxonMobil fell about 1% each. APA and Devon Energy retreated between 1% and 3%. Forte Biosciences — The biotech stock rallied about 40% after it agreed to be acquired by Argenx of Holland for $2.2 billion in cash , or $77 per share. The deal, expected to close in the third quarter, represents a premium of 40% from Forte's close of $54.78 on Friday. U.S.-listed shares of Argenx were down about 2%. Rivian Automotive – Shares of the electric vehicle maker popped 5% after Piper Sandler upgraded Rivian to overweight from neutral. The firm's price target of $20 calls for 26% upside from Friday's close. Analyst Alexander Potter highlighted Rivian's recent boost to delivery guidance and the smooth launch of its R2 SUV. Brown-Forman — The maker of Jack Daniel's whiskey climbed almost 4% after rejecting another unsolicited, $32-per-share takeover offer from Sazerac, first made earlier this year. The Louisville, Kentucky-based distiller said the $15 billion bid wasn't "actionable" and didn't align with the board's "vision for Brown-Forman's future." Baker Hughes — Shares were up 6% after Baker Hughes posted better-than-expected earnings and revenue for the second quarter. CEO Lorenzo Simonelli said in a statement that the company also expects to reach the midpoint of its full-year guidance thanks to "favorable underlying fundamentals ... as we continue to manage through the Middle East uncertainty." Amkor Technology — Shares dropped 7% as the semiconductor packaging and testing provider gets set to report quarterly figures after the stock market closes. D-Wave Quantum — The company it announced a partnership with AT & T on Monday with plans to use its annealing quantum computers to bolster the telecom giant's AI efforts. D-Wave shares added 5% while IonQ and Rigetti Computing gained 6% and 7%, respectively. MapLight Therapeutics — The clinical stage biotech plunged 68% after results from a Phase 2 trial of its schizophrenia treatment showed it failed to meet a primary endpoint when taken once daily , while mild side effects occurred more often than a placebo. —CNBC's Darla Mercado, Ananya Chetia, Fred Imbert contributed reporting
Thailand's Foreign Investment Applications Jump 80% to $40.6 Billion on AI Boom
This article first appeared on GuruFocus. Foreign investors applied to invest 1.37 trillion baht, or $40.6 billion, in Thailand during the first half of 2026, representing an 80% increase from the same period a year earlier as artificial intelligence and data center projects drove a sharp rise in investment interest. Thailand's Board of Investment received 1,299 domestic and foreign applications valued at 1.47 trillion baht during the six months through June 30, while foreign direct investment proposals covered 877 projects. The digital sector accounted for 1.12 trillion baht, representing more than three-quarters of total applications and highlighting Thailand's growing appeal as a regional destination for AI and cloud infrastructure. However, investors should note that the figures represent proposed investments, and some projects may not ultimately proceed. Is GOOG fairly valued? Test your thesis with our free DCF calculator. Global technology companies Alphabet's Google (NASDAQ:GOOG), Amazon Web Services (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) have announced major investments to expand their cloud and AI infrastructure in Thailand. In May, TikTok System (Thailand), a company expanding data infrastructure in the country, received approval from the Board of Investment for an 842 billion-baht project covering data-hosting services, servers and storage facilities. The scale of these commitments suggests that rising energy and other costs linked to the Middle East war have not prevented Thailand from attracting substantial foreign investment. Board of Investment Secretary General Narit Therdsteerasukdi said the continued growth reflected investor confidence in Thailand's potential to support future-focused industries, providing encouraging momentum for Prime Minister Anutin Charnvirakul's efforts to strengthen an economy growing more slowly than Indonesia, Malaysia and Vietnam. Investment demand also reached industries outside the digital sector, with electrical and electronics projects attracting 120.2 billion baht, agriculture and food processing receiving 61.4 billion baht, logistics and high-value services drawing 40.2 billion baht, and automotive projects accounting for 25.7 billion baht. Narit said the approved projects are expected to create more than 82,000 jobs, produce annual exports exceeding 1.24 trillion baht and consume approximately 386 billion baht of domestic raw materials each year. For investors, these projections suggest that Thailand's investment surge could extend beyond data centers by supporting employment, exports, domestic suppliers and the country's broader push toward higher-value industries. View Comments
Stocks making the biggest moves premarket: Micron Technology, Forte Biosciences, ExxonMobil, Baker Hughes & more
Check out the companies making the biggest moves premarket: Memory stocks — Shares rose broadly after chipmaker CXMT made its public market debut in Shanghai , with its stock skyrocketing more than 466%. The momentum carried over into U.S.-listed memory names. SK Hynix climbed 4.7%, while SanDisk advanced 3.6%. Micron Technology advanced 2.5%. Energy stocks — The group followed oil prices lower, after the U.S. and Iran agreed to pause attacks against each other , for now. Chevron and ExxonMobil were down 2.7% and 3.2%, respectively. APA , Devon Energy and Diamondback Energy all fell around 4%. Forte Biosciences — The biotech stock rallied more than 39% on news it will be acquired by Netherlands-headquartered Argenx for $2.2 billion in cash, or $77 per share. The deal, expected to close in the third quarter, represents a premium of 40% from Forte's close of $54.78 on Friday. U.S.-listed shares of Argenx were down marginally in the premarket. Baker Hughes — Shares were up nearly 2.2% in premarket trading after Baker Hughes reported better-than-expected earnings and revenue for the second quarter. CEO Lorenzo Simonelli said in a statement that the company also expects to reach the midpoint of its full-year guidance thanks to "favorable underlying fundamentals ... as we continue to manage through the Middle East uncertainty." Amkor Technology — Shares were up over 2.4% as the semiconductor packaging and testing provider gets set to report -quarterly figures after the bell. D-Wave Quantum — The company it announced a partnership with AT & T on Monday with plans to use its annealing quantum computers to bolster the telecom giant's AI efforts. D-Wave shares were up more than 7%. Quantum stocks such as IonQ rose nearly 4.5% and Rigetti Computing gained 3.8%. —CNBC's Fred Imbert contributed reporting
China's industrial profit growth moderates as exports cushion uneven recovery
BEIJING, July 27 (Reuters) - Profits at China's industrial firms grew at a solid, though slower, pace as resilient exports helped cushion sluggish domestic demand, highlighting the economy's uneven recovery despite policymakers' efforts to spur consumption. Exports and industrial production have done much of the heavy lifting for the world's second-largest economy. Persistent weakness in consumption and the property sector, however, helped drag second-quarter growth to its slowest pace in more than three years, keeping calls alive for further policy support to address economic imbalances. Industrial profit growth eased to 15.1% in June from 21.1% in May, while first-half profits rose 18.7% from a year earlier, compared with an 18.8% increase in the January-to-May period, data from the National Bureau of Statistics (NBS) showed on Monday. "If this recovery can be sustained, it will be a good sign for the rest of the economy, as a return of profits growth could give companies room to resume wage growth," said Lynn Song, chief economist of Greater China at ING. The figures add to evidence of a two-speed recovery in the world's second-largest economy, where manufacturers have benefited from robust overseas demand, while sectors tied to domestic spending continue to struggle. "The external environment remains complex and international commodity prices uncertain," NBS statistician Yu Weining said. "Industrial firms also face weak demand and cash flow pressures." Underlining strains in the domestic market, automobile manufacturing profits fell 19.5% in the first half of the year, NBS data showed, as car sales declined for a ninth consecutive month in June. Market reaction was muted with Chinese stocks and the yuan slightly firmer following the data. Attention is now turning to the Communist Party's Politburo meeting at the end of July, a key policy-setting gathering where investors will look for signals on additional support measures. Expectations for a broad-based stimulus package have been tempered, however, by resilient exports and Beijing's preference for targeted easing. Industrial profit figures cover firms with annual revenue of at least 20 million yuan ($2.95 million) from their main operations. ($1 = 6.7728 Chinese yuan) (Reporting by Qiaoyi Li, Tian Qiao and Ryan Woo; Editing by Thomas Derpinghaus and Jacqueline Wong) View Comments
The U.S. Economy Is Stronger Than Expected. That Could Keep Interest Rates Higher for Longer
Quick Read S&P Global's composite PMI climbed to 53.6 in July, its highest reading in eight months, signaling roughly 2% annualized GDP growth in Q3. Rising input costs, supply chain disruptions, and the fastest selling-price increases in years give the Fed little reason to cut rates before 2027. Companies with strong balance sheets, free cash flow, and pricing power are best positioned to outperform in a higher-for-longer rate environment. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. The biggest question facing investors today isn't whether the U.S. economy is slowing -- it's whether it's slowing enough for the Federal Reserve to finally begin cutting interest rates. New data suggests the answer may be no.Kenishirotie / Shutterstock.com S&P Global's flash PMI report for July showed business activity accelerating more than expected, pointing to an economy that continues to expand despite elevated interest rates and lingering inflation pressures. That's good news for corporate earnings, but it also makes it harder for the Fed to justify easing monetary policy anytime soon. A Stronger Economy Than Expected S&P Global's composite PMI climbed to 53.6 in July from 51.9 in June, its highest reading in eight months. Both major parts of the economy contributed to the improvement, with the services PMI rising to 53.6 while manufacturing remained solid at 53.8. According to S&P Global Chief Business Economist Chris Williamson, the survey is consistent with annualized GDP growth of roughly 2% during the third quarter. Hiring improved for the first time in three months, while business confidence climbed to an eight-month high. Perhaps most encouraging was the balance between sectors. Earlier in the recovery, services largely carried the economy while manufacturers struggled. Now both are expanding, suggesting growth has become broader and more sustainable. 24/7 Wall St. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. A booming economy is great for profits but a nightmare for anyone waiting on the Fed to blink. Here is how to pivot your portfolio for the 'higher for longer' era. © 24/7 Wall St. Why That's a Challenge for the Fed Normally, stronger economic growth is something to celebrate. But for the Fed, it also raises the risk that inflation remains stubbornly above its 2% target. While June's inflation report showed encouraging progress, the PMI survey painted a more complicated picture. Input costs rose at the fastest pace in 14 months, supplier delivery delays reached their worst level in nearly four years amid Middle East disruptions, and businesses reported the strongest selling-price increases in years. Story Continues The labor market also remains uncertain: it appears healthy, with unemployment hovering around 4.2%, but there are also record numbers of people leaving the workforce. Taken together, those trends reduce the urgency for rate cuts. Markets overwhelmingly expect the Fed to leave rates unchanged at its late-July meeting, and many economists now believe the first cut may not arrive until 2027. What It Means for Investors For long-term investors, this isn't necessarily bad news. A resilient economy supports corporate profits, even if borrowing costs stay elevated. Companies with strong balance sheets, consistent free cash flow, and pricing power tend to perform well in a "higher for longer" rate environment, while heavily indebted businesses often struggle as financing costs remain elevated. There are still risks. Energy prices and geopolitical tensions could reignite inflation, while an unexpected slowdown could quickly shift the Fed's outlook. But for now, the latest PMI report reinforces that the economy continues to grow at a healthy pace rather than slipping toward recession. Instead of trying to predict exactly when the Fed will move, investors are generally better served by focusing on owning high-quality businesses, staying diversified, and taking advantage of market volatility when opportunities arise. Key Takeaway July's PMI data suggests the U.S. economy entered the third quarter with more momentum than expected, reinforcing the likelihood that interest rates remain higher for longer. While that may disappoint investors hoping for quick rate cuts, a durable economy is ultimately a positive backdrop for long-term wealth creation. Rather than betting on Fed policy, investors should focus on businesses capable of growing earnings through a variety of economic conditions. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now. Contact editorial@247wallst.com for any questions or corrections. View Comments
ThinkCareBelieve: Week 79 of the Trump 2.0 Administration
Washington, DC, July 25, 2026 (GLOBE NEWSWIRE) -- ThinkCareBelieve announces a New Report reviewing the events of Week 79of the Trump Administration, part of a weekly series covering all the exciting achievements and events as they happened since President Trump took office in January 2025. The article can be accessed in full at https://thinkcarebelieve.blog/2026/07/25/week-79-of-the-trump-2-0-administration/ This article provides details and direct links to primary sources covering the following: 1) How is the White House going after the parties who leaked sensitive security information about Air Force One to the Press? 2) How did President Trump personally honor the family of Lt. Tyler Feehan? 3) What is the answer to the problem now that non-American citizens are being found on voter rolls in every state amounting to hundreds of thousands? 4) How is Cuba the leading sponsor of radical left terrorism and ideological subversion in America? 5) How is the United States fighting human slavery through trade in global supply chains? The FIFA World Cup Finals were such a success in unexpected ways. Americans had the opportunity to experience other groups of people and they had the ability to understand all the best of America, firsthand. All over the world, people are people, and that became apparent as we all enjoyed what was unique about one another. Cultural differences are a true joy when shared this way, and it doesn't lead to division, but rather brings people closer together. ThinkCareBelieve’s mission for Peace advocacy facilitates positive outcomes and expanded possibilities. To achieve Peace, we will find the commonalities between diverse groups and bring the focus on common needs, working together toward shared goals. Activism is an important aspect of ThinkCareBelieve, because public participation and awareness to issues needing exposure to light leads to justice. Improved transparency in government can lead to changes in policy and procedure resulting in more fluid communication between the public and the government that serves them. The article highlights events that took place in America, and can be used as a reference, a resource or a review. America’s Weekly Golden Chronicle here: https://thinkcarebelieve.blog/2025/12/01/americas-weekly-golden-chronicle-list/ The Trump Administration’s Agenda for Greatness: https://thinkcarebelieve.blog/2026/03/28/the-trump-administrations-agenda-for-greatness/ How President Trump Helped Real People: https://thinkcarebelieve.blog/2024/10/22/how-president-trump-really-helped-real-people/ The Seth Rich FBI Files: https://thinkcarebelieve.blog/2026/07/09/the-seth-rich-fbi-files/ Finding the Children: https://thinkcarebelieve.blog/2026/07/11/finding-the-children/ Election Integrity: https://thinkcarebelieve.blog/2026/07/17/election-integrity/ ###
Stocks making the biggest moves premarket: Intel, Oracle, American Express & more
Check out the companies making the biggest moves premarket: Intel — The chipmaker rallied 4% after it reported its sharpest quarterly revenue growth in nearly 15 years . The company's top line clocked in at $16.1 billion for Q2, 25% above the year-earlier period. Adjusted earnings per share of 42 cents per share also beat analyst expectations. Deckers Outdoor – The shoe manufacturer slid 3%. First-quarter revenue of $1.02 billion came in line with the LSEG consensus estimates. Revenue from Deckers' Hoka and Ugg brands fell short of the Street's expectations. Oracle — Shares rose nearly 3% after the company signed a 10-year software agreement with the pentagon. The deal is worth almost $7 billion, and covers the use of Oracle's software in on-premises software for some branches of the U.S. military. Robert Half — Shares fell almost 7% after the staffing and exec search company reported underwhelming results for the second quarter. Robert Half earned 26 cents per share, matching a FactSet forecast. Revenue of $1.34 billion was just above the $1.32 billion consensus. Amkor Technology — The semiconductor packaging company popped more than 11% after the company said it entered a multiyear $1.5 billion agreement with Nvidia . The agreement will look to develop advanced semiconductor packaging and testing technologies for artificial intelligence. MaxLinear — Shares tumbled more than 9% despite the company reporting better-than-expected results in its second-quarter earnings report, and delivering current quarter guidance above estimates. The stock was up more than 400% in 2026 heading into the company's earnings report. Boston Beer – The maker of Twisted Tea added 1%. Second quarter revenue of $568.3 million narrowly beat the FactSet consensus call of $566.7 million. Boston Beer also reaffirmed its full-year earnings guidance of $8.50 to $10.50 per share, versus the consensus estimate of $9.38. Tenet Healthcare — The healthcare services company rose more than 16% after it reported adjusted earnings of $6.12 per share in its second-quarter financial report. Analysts polled by FactSet were expecting earnings of $4.26 per share. Revenue also beat expectations, and full-year guidance also came in above estimates. American Express — Shares dipped 3% after the credit card issuer reported a revenue miss in the second quarter. American Express delivered $19.64 billion in revenue, but analysts polled by LSEG expected revenue of $19.71 billion. Earnings for the quarter, however, came in above expectations. SAP — The German software company rose 5% after reporting its cloud backlog grew by 27% year over year to 22.9 billion euros in the second quarter. Revenue of 9.88 billion euros was also just above an LSEG forecast of 9.86 billion euros. SLB — The technology company rose 2% after it delivered an earnings and revenue beat in the second quarter. SLB said that the quarter marked a return to year-over-year revenue growth as customers focused more on energy security and expanding production capacity. Charter Communications — Shares fell more than 4% after the company's adjusted EBITDA for the second quarter came in below estimates. Free cash flow also missed expectations, while the company reaffirmed its capital expenditures outlook through fiscal 2029. Verizon Communications — The telecommunications company rose 1% after a mixed earnings report. Verizon reported an earnings beat but a revenue miss in the second quarter, though full-year guidance came in above expectations. — CNBC's Fred Imbert and Darla Mercado contributed reporting.
Fed chair 'an enigma:' Why July interest rate move is hard to predict
As many Americans struggle to make ends meet, Federal Reserve Chair Kevin Warsh has pledged to bring inflation back to its 2% target, but it remains unclear exactly how he plans to get there as the central bank heads into its July meeting. The Fed often finds itself at a crossroads, balancing its dual mandate of maximum employment and stable prices. It has two main tools it uses to address both – its balance sheet and the federal funds rate, a benchmark for interest rates. The Fed typically raises its target range for the rate to tame inflation and lowers it to stimulate the job market. After three months of accelerating inflation, it slowed in June, though some forecasters expect it may tick back up amid renewed U.S.-Iran hostilities. And after three months of positive job growth, U.S. employer hiring fell in June — leaving the Fed to sort out whether these recent swings are just noise or the start of new trends. The Fed may also be at a crossroads when it comes to delivering on Warsh's promise of price stability for U.S. consumers. Many Americans don't want higher interest rates on their credit cards and personal loans, but they also don't want prices to keep rising. Raising the Fed's benchmark interest rate could help cool inflation, but it would also make borrowing more expensive. Dean Lyulkin, CEO of Cardiff, a small-business loan company, said Warsh's refusal to provide forward guidance has made the outcome of the July meeting difficult to predict. "Warsh remains an enigma," Lyulkin said. "No one really understands whether he means what he says or what the things he's saying mean. Until we get a little more data on this Warsh Fed, I think everyone is confused." Amid all the uncertainty, forecasters — many of whom are split — mostly expect the Federal Open Market Committee to leave its benchmark interest rate unchanged at a range of 3.5% to 3.75% at the end of its two-day meeting on July 29.U.S. Federal Reserve Chairman Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S. June 17, 2026. REUTERS/Eric Lee More: Can the Fed lower inflation? 5 takeaways from Warsh on Capitol Hill. A promise to lower inflation, but no promise to hike. Why? American consumers have faced inflation above the Fed's 2% target for five years. Warsh, in congressional testimony this month, said "inflation is a choice," and told lawmakers it wouldn't be permanent on his watch. The Fed can't directly control prices at the grocery store or gas pump, but Warsh has repeatedly said he views the Fed's job as ensuring that price increases don't broaden into the wider U.S. economy. "If we get policy right, and I can assure you we will, the inflation surge of the last five years will be a thing of the past," Warsh told senators on July 14. Story Continues Still, there are a few reasons why Fed policymakers may not be in a rush to raise rates at their July meeting. As year-over-year consumer inflation rose from 2.4% in February to 4.2% in May, traders began betting on a hike. But June's deceleration to 3.5% and a weaker jobs report gave some reason to pause. While a 9.7% drop in gas prices drove the headline inflation number lower, "core" inflation – excluding volatile food and energy prices – also fell in June, meaning the deceleration could not be disregarded as only a result of the temporary cease-fire. "It was a pretty good report across the board, surprisingly so," said David Royal, chief financial and investment officer at Thrivent, a financial services company. The July meeting also comes amid court-ordered tariff refunds, new tariff announcements from the Trump administration, and escalated fighting in the Iran war – all of which will impact the economy. A hike, a cut, or a pause? Depending on who you ask, the Fed should do all three. Warsh told lawmakers he expects another "good family fight" at the July meeting after FOMC members were divided on the best path for rates in June. While Warsh didn't submit his own projections, eight members saw the Fed holding the range steady, nine saw room to hike, and one saw room to cut before the end of 2026. "Most participants remarked on scenarios in which inflationary pressures would dissipate and inflation would soon begin to return to 2 percent," minutes from their June meeting said. "Most participants, however, also pointed to scenarios in which, in the context of stable labor market conditions, inflation would remain elevated due to strong AI-related demand, the conflict in the Middle East, or the effects of tariffs." After the June meeting, some voting members of the FOMC appeared open to raising rates. Fed Governor Lisa Cook said on July 15 that she was willing to wait "a bit more time," but that she'd be prepared to act if inflation doesn't begin to slow and that she believes risks continue to be "strongly weighted" toward higher inflation. "Sternly staring at inflation until it melts before our withering gaze is not an option," Fed Governor Christopher Waller said July 13 ahead of the June inflation report's release. After its release, White House Economic Council Director Kevin Hassett said the Fed has no "excuse" to raise rates, and that if inflation continues to slow, he'd begin expecting a cut. "If you're watching the data, then, you know, there's not really an excuse for raising rates right now," Hassett told CNBC on July 15. "Another report or two like this, then I think they'd be thinking the other way." Where are interest rates headed? The Federal Reserve will keep its benchmark rate steady for the rest of the year, according to the median forecasts of economists polled by Reuters. However, in a separate question about the chance of a rate hike in 2026, most described the likelihood as "high," a reversal from the month before when most viewed it as "low." "It's been a long time since we were actually surprised by the Fed's decision," Royal said, adding that he expects more surprise moves from the Fed under Warsh than under former Chair Jerome Powell. He added, however, that policymakers may hold off on a move until they can hear from the five task forces Warsh created to advise them on monetary policy. They are expected to deliver recommendations before the end of this year. While Warsh has repeatedly, publicly affirmed his independence from politics, Royal and Lyulkin both said he may also be considering the potential effects of raising rates before this year's midterm elections. "Raising rates into the midterms is almost a suicide mission for the Republicans, and I think we have to believe that Kevin Warsh understands that," Lyulkin said, adding that consumers would likely blame the GOP as the party in power. "If you're in Congress, you can't imagine telling the American people today – maybe three, four months before the midterms – that we're going to increase the interest rates on their credit cards and their auto loans." President Donald Trump, who has pressured policymakers to lower rates in his second term, has said little about the Fed since Warsh was sworn in as chair in late May. After policymakers left rates unchanged in June, Trump responded, "Whatever." Reach Rachel Barber at rbarber@usatoday.com, follow her on X @rachelbarber_, and subscribe to her newsletter "Making More of Your Money" here. This article originally appeared on USA TODAY: Fed chair 'an enigma:' Why July interest rate move is hard to predict View Comments
Stocks making the biggest moves after hours: Intel, AMD, Boston Beer, Deckers & more
Check out the companies making the biggest moves after the bell: Intel — The chipmaker rallied 9% after it reported its sharpest quarterly revenue growth in nearly 15 years . The company's top line clocked in at $16.1 billion for Q2, 25% above the year-earlier period. Adjusted earnings per share of 42 cents per share also beat analyst expectations. Deckers Outdoor – The shoe manufacturer slid 3%. First-quarter revenue of $1.02 billion came in line with the LSEG consensus estimates. Revenue from Deckers' Hoka and Ugg brands fell short of the Street's expectations. Robert Half — Shares fell around 9% after the staffing and exec search company reported underwhelming results for the second quarter. Robert Half earned 26 cents per share, matching a FactSet forecast. Revenue of $1.34 billion was just above the $1.32 billion consensus. Boston Beer – The maker of Twisted Tea added 2%. Second quarter revenue of $568.3 million narrowly beat the FactSet consensus call of $566.7 million. Boston Beer also reaffirmed its full-year earnings guidance of $8.50 to $10.50 per share, versus the consensus estimate of $9.38. SAP — The German software company rose 3% after reporting its cloud backlog grew by 27% year over year to 22.9 billion euros in the second quarter. Revenue of 9.88 billion euros was also just above an LSEG forecast of 9.86 billion euros. Advanced Micro Devices – The semiconductor company jumped more than 2%. At its Advancing AI presentation, AMD said that its server central processing unit market will grow over 50% to $200 billion by 2030, propelled by agentic artificial intelligence. The company also said that its AI accelerator market is expected to hit $1.4 trillion by 2030.
Odds of Federal Reserve rate hike surge as oil prices rip higher
Investors are increasingly preparing for the Federal Reserve to hike interest rates as oil prices climb. Fed funds futures are pricing in a roughly 82% likelihood that the central bank lifts borrowing costs at its September policy meeting, according to CME's FedWatch tool. A week ago, those odds sat below 53%. The central bank is still broadly expected to keep rates unchanged at the current 3.50% to 3.75% at its gathering next week. But even then, there's a growing minority planning for an increase: Fed funds futures trading indicates a nearly 38% probability of a quarter percentage point hike, up from less than 12% a week ago. Brent, the global crude benchmark, hit $100 a barrel on Thursday for the first time since late May amid a new round of tit-for-tat attacks between the U.S. and Iran. The average price for a gallon of gasoline in the U.S. reached $4 per gallon this week — the highest in more than a month, according to AAA. Thursday's employment data bolstered the view that the Fed can focus more on inflation — which could accelerate as energy prices climb — than the health of the labor market. Initial jobless claims dropped to 187,000 in the week ended July 18, the Labor Department reported. That was the fewest claims since 1969, when the U.S. population was 60% of what it is today. "At the moment, the outlook for economic growth is showing some signs of overheating if today's weekly jobless claims figures can be believed," said Christopher S. Rupkey, chief economist at FWDBONDS. "But for how long is the question if energy prices continue to spiral upward." Rising expectations for a rate increase may be adding to the downward pressure on the stock market Thursday, according to Larry Tentarelli, chief technical strategist at the Blue Chip Daily Trend Report. That's on top of the breakout in oil prices and Treasury yields, and Alphabet's post-earnings swoon, he said. The blue-chip Dow Jones Industrial Average tumbled more than 600 points in midday trading. The Nasdaq Composite — heavily weighted to technology stocks that can be sensitive to higher borrowing costs — shed nearly 3%. "You really just have a perfect storm of headwinds right now," Tentarelli said. Stock Chart IconStock chart icon The Nasdaq Composite, 1-day "We've got a Fed meeting in six days, and I think investors should not be in a hurry to buy anything," he added. "There's times where you can just sit it out and be patient." 'A readthrough' Market participants looking for insights into the Fed's outlook are closely monitoring the 2-year U.S. Treasury yield. The yield, which rose more than 6 basis points on Thursday, offers "a readthrough on what the Fed might do next," said Ross Mayfield, an investment strategist at Baird. Stock Chart IconStock chart icon U.S. 2-year Treasury, 1-month While Mayfield said investors don't need to worry about an interest rate move next week, September feels like a "live" meeting for the Fed. Kalshi traders have similarly increased their bets of a September quarter point increase in recent days. Odds of such a move at that meeting rose to 48% midday on Thursday, up from about 30% a week ago. To be sure, economists' interest rate outlook through 2026 doesn't signal an environment with tighter monetary policy. The consensus forecast remains that the Fed won't hike rates this year, according to FactSet. In 2027, economists anticipate the central bank will lower borrowing costs by half a percentage point. — With additional reporting by CNBC's Sean Conlon Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
JPMorgan report finds dramatic jump in AI-themed ETFs — despite rough quarter
Wall Street is banking heavily on exchange-traded funds that give investors artificial intelligence exposure, according to J.P. Morgan Asset Management. The firm's "Guide to ETFs," which came out this month, finds it's a top five theme by assets under management — even as volatility hit the group in the second quarter. "Many [themes] are morphing towards AI and the ecosystem surrounding AI," Jon Maier, the firm's chief ETF strategist, told CNBC's "ETF Edge" this week. Maier, who led the insights team that published the report, also highlighted an overlapping relationship between AI-themed ETFs and infrastructure. "It's all kind of feeding into the AI story … the applications, the energy [and] the AI models," he said. Go with the flow? ETFs vs. mutual funds JPMorgan's Guide to ETFs also found that mutual fund overall inflows are meaningfully tapering off while more money is flowing into ETFs. "That's only going to continue," said Maier, who added the report's data showed negative inflows into mutual funds overall during the past several years. He also suggests that ETFs have become more attractive to retail investors because of the tax benefits. "They typically don't pay a capital gain [tax]," he said. Maier contends mutual funds are a different story. "Imagine if you bought a mutual fund in 2022 and you're down 20%, 30%, 40%, depending on what part of the market you bought, and you still got a capital gain of 6%. You're not happy," he said. Disclaimer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Lockheed Martin, Tesla, Alphabet & more
Check out the companies making the biggest moves premarket: Tesla — Shares were down nearly 6% after the company reported an earnings miss for the second quarter. Tesla's free cash flow also turned negative as margins came under pressure. Alphabet — The Google parent fell 4.5% after it increased its capital expenditures outlook for the year to bolster its artificial intelligence capabilities. Alphabet expects to spend between $195 billion and $205 billion in 2026, up from a previous guidance of as much as $190 billion. Lockheed Martin — The defense giant popped 6% after it reported better-than-expected results for the second quarter. Lockheed earned $7.94 per share on revenue of $20.06 billion. Analysts polled by FactSet expected a profit of $7.19 per share on revenue of $19.34 billion. The company also hiked its full-year earnings outlook. IBM — The legacy tech giant reported a profit and revenue for the second-quarter that came in below analyst expectations. This comes after the company last week posted preliminary results that sparked the biggest sell-off in IBM stock history. Texas Instruments — The chipmaker reported second-quarter results that beat the Street. Earnings per share came in at $2.14, exceeding an LSEG forecast of $1.93 per share. Revenue of $5.46 billion topped a consensus estimate of $5.25 billion. Shares were down 3.2%, however. Eli Lilly — The pharmaceutical company said it will apply for approval for a next-generation obesity drug in the first quarter of 2027 after successful outcomes in two late-stage trails. In one trail, adults with obesity and established cardiovascular disease lost 55.8 pounds or up to an average of 22.6% of their weight at 80 weeks, the company said in a release. Shares are down a little over 1%. Comcast — The telecom giant reported an earnings beat for the second quarter while highlighting strength at NBCUniversal ahead of its planned spinoff of the unit. Shares rose slightly in the premarket.
Stocks making the biggest moves midday: Super Micro Computer, EQT, AAR, Chubb, Pegasystems & more
Check out the companies making the biggest moves midday: Super Micro Computer — Shares surged 25% after the server maker reported preliminary fourth-quarter results that featured much stronger profitability than investors had expected, offsetting revenue that came in near the low end of its guidance. EQT — Shares are up over 6.6% after the natural gas producer reported stronger-than-expected production for the second quarter. EQT also raised it's 2026 sales volume guidance to 2,375–2,450 billions of cubic feet equivalent, or bcfe, from 2,275–2,375 bcfe. Amazon — Shares of the e-commerce and cloud services giant slid 1%. Amazon trimmed jobs in its artificial intelligence group, CNBC confirmed on Wednesday. It's the latest round of layoffs since the company announced back in January that it would let go about 16,000 of its corporate workers AAR — Shares slid almost 11% after the $5 billion market cap provider of aviation services for airlines and government defense departments posted fiscal fourth-quarter gross profit margin and adjusted EBITDA margin that didn't top Wall Street analysts' consensus estimates, according to FactSet's StreetAccount service. Management said on an earnings call that margin pressure in the parts supply unit stemmed from constrained supplies of "used serviceable material." Westinghouse Air Brake Technologies — The equipment provider for the rail industry saw shares pop 11% to touch a new 52-week high. Westinghouse lifted its guidance for the full year, calling for adjusted earnings of $10.60 to $10.90 per share on revenue of $12.3 billion to $12.6 billion. The FactSet consensus sought $10.63 per share on revenue of $12.39 billion. Chubb — Shares were down more than 3% despite the insurance company reporting that growth in its property and casualty insurance business slowed compared to the previous quarter, which the company said was due to its underwriting discipline. Chubb expects that pressure on growth from its underwriting practices to ease, though. Dell Technologies , Hewlett Packard Enterprise — Super Micro Computer's surge spilled over to its server peers, with the group as a whole boosted by the better-than-expected preliminary results. Shares of Dell and Hewlett Packard Enterprise were up 10% and 5%, respectively. Pegasystems — Shares tumbled more than 16% after the software company reported second-quarter results that fell short of Wall Street expectations. Adjusted earnings came in at 35 cents per share, below the 43 cents per share analysts polled by FactSet had projected. Rocket Lab — Shares rose 3.5% after the company won a $266 million contract from the U.S. Air Force. The contract includes the launch of 12 suborbital vehicles and is expected to be completed by the end of 2028. GE Vernova — Shares declined more than 7% despite the company reporting a beat on revenue in the second quarter and raising its full-year guidance. CEO Scott Strazik said in a press release that the company's $176 billion backlog will permit continued revenue growth and margin expansion. AT & T — The telecommunications company saw its stock rise 2.9% despite mixed results in its second-quarter earnings report. AT & T delivered adjusted earnings of 65 cents per share, above the FactSet consensus for 59 cents per share. CME Group — Shares were higher by 5% after the exchange operator reported earnings and revenue its second-quarter financial report above expectations. CME also said in a press release that the first half of 2026 was its best first six months of a year ever. — CNBC's Darla Mercado, Ananya Chetia, Fred Imbert and Scott Schnipper contributed reporting.
Stocks making the biggest moves premarket: Super Micro Computer, GE Vernova, Rocket Lab and more
Check out the companies making the biggest moves premarket: Super Micro Computer — Shares surged about 17% after the server maker reported preliminary fourth-quarter results that featured much stronger profitability than investors had expected, offsetting revenue that came in near the low end of its guidance. Dell Technologies , Hewlett Packard Enterprise — Super Micro Computer's surge spilled over to its server peers, with the group as a whole boosted by the better-than-expected preliminary results. Dell and Hewlett Packard Enterprise were both up more than 4% before the bell. Pegasystems — The software company tumbled more than 14% after it reported second-quarter results that fell short of Wall Street expectations. Adjusted earnings came in at 35 cents per share, below the 43 cents per share analysts polled by FactSet had projected. Oklo , X-Energy — The nuclear reactor suppliers were up in premarket trading after a Bloomberg report that the companies are joining an effort by President Donald Trump's administration to speed up nuclear power plant development for AI data centers. X-Energy rose 4%, while Oklo was higher by more than 3.5%. Rocket Lab — Shares jumped by 4% after the company won a $266 million contract from the U.S. Air Force. The contract includes the launch of 12 suborbital vehicles and is expected to be completed by the end of 2028. Cal-Maine Foods — The egg producer was off more than 4.5% after it reported a surprise loss of 76 cents per share in its fiscal fourth-quarter earnings report. Analysts polled by FactSet were expecting earnings of 8 cents per share. The company blamed egg prices that were at historically low inflation-adjusted levels during the fiscal period for the loss. GE Vernova — Shares declined more than 7% despite the company reporting a beat on revenue in the second quarter and raising its full-year guidance. CEO Scott Strazik said in a press release that the company's $176 billion backlog will permit continued revenue growth and margin expansion. AT & T — The telecommunications company rose 3% despite mixed results in its second-quarter earnings report. AT & T delivered adjusted earnings of 65 cents per share, above the FactSet consensus for 59 cents per share. Philip Morris International — The tobacco company slipped 0.5% after it reported a weaker-than-expected forecast for the third quarter. Philip Morris projects earnings of between $2.20 to $2.25 per share in the current quarter, below analysts polled by FactSet's expectation for $2.42. The company for the second quarter beat expectations on both its earnings and revenue. CME Group — Shares were higher by 1% after the exchange reported earnings and revenue its second-quarter financial report above expectations. CME also said in a press release that the first half of 2026 was its best first six months of a year ever. — CNBC's Yun Li contributed reporting
Cost Pressures Surge in Q2 According to Accountants and CFOs
WASHINGTON and MONTVALE, N.J., July 21, 2026 (GLOBE NEWSWIRE) -- The fallout from the Middle East conflict continues to impact the results of the quarterly Global Economic Conditions Survey (GECS), conducted by ACCA (Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants). The survey was conducted between June 3-17, before the renewed fighting and resumption of the U.S. naval blockade. Amid soaring commodity prices and supply chain disruptions, more than three-quarters of accountants globally reported increased operating costs in Q2—rising above the previous record set in the aftermath of Russia’s invasion of Ukraine. The proportion of North American accountants reporting increased costs jumped by more than 10 percentage points to 74% in Q2, well above the series average. Strikingly, 83% of CFOs globally experienced increased costs, following a record-breaking rise of over 20 percentage points from Q1. This is close to series peaks recorded in 2022 and 2023. Despite soaring costs, there was some recovery in confidence among accountants globally in Q2, from what was close to a record low in Q1. While they remain quite downbeat by historical standards, the improvement likely reflects the relative resilience of the global economy and signs of movement towards a potential resolution of the conflict at the time of the survey, which may have reduced fears of worst-case scenarios. That said, declines in the Global New Orders, Capital Expenditure, and Employment indices point to some slowing in global growth, likely reflecting headwinds from increased private sector caution, rising inflation, and tighter-than-expected monetary policy, although they do not appear to be signalling a major economic slowdown. Confidence among accountants remains weak by historical standards in North America and Western Europe, but after a sharp recovery in Q2 is now meaningfully above average in Asia-Pacific. While the region is very exposed to developments in the Middle East, hopes of a potential resolution of the conflict and the relative resilience of the global economy have likely been factors boosting sentiment, as well as the global AI boom, of which the region’s exporters are major beneficiaries. Economic pressures returned as accountants' top risk priority in Q2 2026 (22%), ahead of geopolitical instability (20%) and cybersecurity (14%). Respondents described how understanding today's risk landscape extends beyond traditional economic cycle management, pointing to the converging effects of prolonged wars, rising cybercrime, and policy uncertainty. AI featured prominently, with comments focusing on sustainable value, cyber resilience, and accountability. Alain Mulder, Senior Director, Europe Operations & Global Special Projects at IMA said: “The AI boom is providing major support to the global economy and financial markets, but developments in the Middle East over coming months will be crucial. If progress can be made in resolving the conflict, that would clearly be supportive for global growth as we progress through the second half of 2026. But downside risks would quickly build if there were a return to major hostilities and surge in energy prices.” “Sharply rising costs were unsurprisingly a major issue for firms in Q2. If they increasingly try to pass these on to the consumer, this would significantly raise the risk of policy tightening by the world’s major central banks,” said Jonathan Ashworth, Chief Economist, ACCA. “That said, policymakers will be hoping for favorable developments on the diplomatic front, and a return of oil prices to around pre-crisis levels, potentially allowing them to sit on their hands for the rest of 2026.” Ashworth concluded: “Despite some improvement in confidence, accountants globally remain very cautious, likely in part reflecting the uncertain and unpredictable operating environment which has become the ‘new normal’ in recent years.” Read GECS Q2 2026 here. For media inquiries, contact: ACCA News Room E: newsroom@accaglobal.com accaglobal.com About ACCA We are ACCA (the Association of Chartered Certified Accountants), the only truly global accountancy body. Since we were founded in 1904, we’ve been breaking down barriers to the accountancy profession. Today we proudly support a diverse community of over 257,900 members and 530,100 future members in 180 countries. We’re redefining accountancy. Our cutting-edge qualifications, continuous learning and insights are respected and valued by employers in every sector. They equip individuals with the business and finance expertise and ethical judgment to lead and drive sustainable value in organizations and economies worldwide. Guided by our purpose and values, we’re leading the accountancy profession for a changed world. Partnering with policymakers, standard setters, the donor community, educators and other accountancy bodies, we’re strengthening and building a profession that focuses on people, planet and prosperity to create value for all. Find out more at: www.accaglobal.com ACCA is not affiliated with any Chartered Accountant (CA) organization or Chartered Professional Accountant (CPA) organization. About IMA IMA® is a global association at the intersection of accounting, finance, and business strategy, setting a new standard of financial competency across the workforce to drive better career and business outcomes. Through expert-led content, industry-vetted credentials, and a global professional community, IMA equips organizations and individuals at any stage of their career with the knowledge, tools, and connections needed to advance their careers and achieve sustainable success. IMA supports future-proofed skill development through its IMA Competency Framework, continuing education, and certificates, including the CMA® (Certified Management Accountant), CSCA® (Certified in Strategy and Competitive Analysis), and FMAA™ (Financial and Managerial Accounting Associate). Twice named Professional Body of the Year by The Accountant/International Accounting Bulletin, IMA’s reach stretches across a global network of approximately 125,000 members in 150 countries and 200+ professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its six global regions: The Americas, China, Europe, Middle East/North Africa, India, and Asia Pacific. For more information about IMA, please visit https://www.imaglobal.org/ About GECS The Global Economic Conditions Survey (GECS), carried out jointly by ACCA and IMA, is the largest regular economic survey of accountants around the world, in both the number of respondents and the range of economic variables it monitors. The GECS has been conducted every quarter since 2011. Its main indices are good lead indicators of economic activity and provide a valuable insight into the views of finance professionals on key variables, such as investment, employment and costs. The risk culture survey began in Q4 2022 and has been included in GECS since Q2 2023. Fieldwork for the 2026 Q2 survey took place between 3-17 June 2026, gathering 647 responses.
Two in five Americans believe stock market only serves the top 1%
Workers at the New York stock exchange during morning trading last week.Photograph: Michael M Santiago/Getty Images Two in five Americans believe the stock market isn't for them and only benefits the top 1%, according to a new Harris Poll poll exclusive to the Guardian that surveyed investing habits and knowledge about the economy. The poll found a similar share of Americans had incorrect assumptions about the relationship between the economy and the stock market. Nearly 40% did not know that the economy and the stock market were not the same thing. And two-thirds of Americans incorrectly believed that a growing stock market means the overall economy is growing. Though the economy has been rattled by events such as the Covid pandemic, high inflation and the war in Iran, the stock market has continued to be resilient. But some economists have described this phenomenon as a K-shaped economy, where the cleft between higher-income Americans, whose wealth has ballooned with the stock market, and workers who find their wages hold less power against rising prices continues to grow in opposite directions. The Dow Jones is up 9% for the year and the tech-heavy Nasdaq is up 12.5% this year. After a large recovery from brief dips during the early weeks of the war in Iran, the AI rally specifically appears to be the rising tide lifting all boats. SpaceX had the largest initial public offering (IPO) in history in June, and OpenAI and Anthropic are planning to have their own huge IPOs over the next year. The soaring stock market has been a colossal payday for a small handful of Americans. Half of the stock market is owned by the top 1% wealthiest Americans, while the bottom 50% owns just 1% of the market. Data released on Tuesday from the Bureau of Labor Statistics found that inflation cooled slightly in June to 3.5%, as the brief US-Iran ceasefire brought energy prices down. Still, inflation remains higher than the pre-war level of 2.4%. Despite the stock market's recent record highs, the survey also found that half of Americans believed today's stock market was weak, or were unsure how it was doing. An even higher share of respondents (60%) said they believed the US economy was weak or were unsure of how the market was doing. Economic uncertainty and a rising culture of online trading has pushed many young adults to start investing earlier than previous generations. Though most are proceeding with caution by pursuing long-term investing strategies, some are taking on riskier bets, such as investments in artificial intelligence startups, cryptocurrencies and day-trading. The poll suggested many Americans were willing to place riskier bets than gamble on the stock market. A third of respondents said they would "have higher financial returns focusing more on gambling than today's stock market". That share increases to 46% among millennials and to 44% among gen Z. This survey was conducted online by the Harris Poll from 9-11 July, among a nationally representative sample of 2,154 US adults, with 1,667 reporting some level of investing. View Comments
As the U.S.-Iran war heats up again, these parts of the stock market and economy could be affected
A ramp-up in fighting between the U.S. and Iran over the weekend has left Wall Street reconsidering its expectations for the war's economic impact. The U.S. completed its 10th straight night of strikes against Iran on Monday, after the Houthis in Yemen declared a maritime embargo against Saudi Arabia. This comes after a third service member died amid recent fighting that could mean the war is entering a longer-term and deadlier era. President Donald Trump vowed the U.S. would retaliate, saying in a Truth Social post "they will pay." Investors appear to keep brushing off the latest flareup in tensions, with the S&P 500 only fell marginally in Monday's session after a losing week. It also remains just 2% below its all-time high set in June. Still, economists are worried that energy prices once again ascending could weigh on consumers and the broader economy. 'All about duration' As far as the stock market goes, the war in the Middle East has had little impact. Since sagging to a closing low of 6,343.72 in late March, the S&P 500 has bounced to all-time highs. That's in large part due to the assumption that neither the U.S. nor Iran will want a return to outright war — an undesirable outcome, as both stand to lose if the global economy tips into a recession. Investors have instead shifted their focus to fundamentals, given that the strength of corporate earnings has picked up speed since the start of the second-quarter reporting season. Last week's softer-than-expected inflation data also added to investor optimism. But investors can't ignore the recent spike in oil prices, nor the rise in bond yields, for long. Brent crude briefly topped $90 a barrel on Monday and hovered just below that level on Tuesday. The U.S. 10-year Treasury yield traded above 4.6% on Monday— a key level watched by traders. It remained near that mark on Tuesday. If crude and the 10-year Treasury yield continue to rise — or stay elevated for longer than investors were hoping for — Wall Street might have to start pricing in changes to inflation expectations and monetary policy that will eventually hit a company's bottom line. "It's about duration," said Art Hogan, chief market strategist at B. Riley Wealth. "If we're above $85 or $90 into the end of the year, I suspect that the earnings estimates for this year would have to be trimmed." Hogan said the S&P 500 could fall into a correction in a worst-case scenario. But he also specified that the broader index will be helped in part by tech — its largest sector which is also relatively insulated from higher energy prices. Tech has a 38% weighting in the S&P 500, while energy accounts for just 3%, according to S&P Global. Financials and healthcare are other two sectors that could continue to benefit from secular tailwinds, regardless of higher oil prices. The energy sector and logistics companies that rely on fuel are likely to be the biggest laggards. Ryanair, for example, said on Monday that its weak first-quarter profits reflected delayed bookings because of the Middle East crisis. The region will be carefully watched for any escalation that deters passage through the Strait of Hormuz. Marko Papic, macro and geopolitical strategist at BCA Research, said he's keeping an eye on whether Iran's hardliners gain more power, or if the U.S. increases the number of troops sent to the Middle East. Others, however, remain confident in the market, expecting the geopolitical outlook will only improve in the second half of the year. JPMorgan's Mislav Matejka said he's sticking to the playbook he's had since the latter half of March — one in which he uses the rising conflict to continue adding to the dips. "We continue to believe that investors should use the dips driven by geopolitical head-lines to add exposure," Matejka wrote earlier this month. "We believe the market has become increasingly adept at pricing geopolitical risk as transitory." 'All downside' Economists are concerned about what a potential rebound in fuel prices as a result of the ramp-up in fighting will mean for U.S. consumers and the businesses that serve them. "There's nothing but downside here for the U.S. and global economies," said Mark Zandi, chief economist at Moody's Analytics. "Obviously, a lot depends on exactly how this all plays out and what it means for oil and other commodity prices. But it's all downside." The average American household has lost around $1,100 so far from the war, a figure that includes increasing energy costs and higher military expenses, according to Zandi. That's resulted in real disposable income coming in either negative or near flat on an annual basis over recent months, which Zandi said is typically seen during recessionary periods. Zandi said consumers have turned to savings to prop up spending as energy prices have risen. But Zandi warned that may not be able to last as rainy-day funds dwindle: The personal saving rate came in at 3% in May, down nearly 2 percentage points from a year prior, according to the Bureau of Economic Analysis. Gasoline prices rose to $4 per gallon on Monday for the first time in more than a month, according to AAA. Economists expect a resurgence of oil prices to put upward pressure on the consumer price index. May's 12-month CPI reading came in at its highest level in three years before pulling back last month as energy costs eased. However, the "core" CPI reading, which excludes volatile food and energy prices, may not move higher in tandem, which could keep the Federal Reserve from needing to hike interest rates. Fed funds futures are pricing in a more than 83% likelihood that the central bank holds rates steady at its gathering next week, according to CME's FedWatch tool. "We will get some higher inflation readings because of gasoline prices," said Luke Tilley, chief economist at M&T Bank and Wilmington Trust. But, "the key for the Fed, as all of them have said out loud, is: Is it going to bleed through to core inflation?" Companies with value-focused or driving-dependent consumer bases could see their clientele become more selective if oil prices remain elevated, said Consumer Edge analyst Michael Gunther. That could negatively affect businesses ranging from Dollar General to Tractor Supply to Texas Roadhouse, his firm found. On the other hand, Gunther said warehouse clubs such as Costco and Sam's Club could win market share as drivers hunt for value. Costco reported "record-breaking volumes" for gas at the end of its third fiscal quarter as the war sent pump prices higher. "Consumers are paying attention," Gunther said. "And they are shifting their habits to manage their wallet." Retail sales showed consumers continued spending in the face of war-related cost shocks. But Gunther said there were idiosyncratic boosts, such as for event tickets and gambling with the World Cup. Consumers also had padding when the war broke out from the larger tax returns under President Donald Trump's "big, beautiful bill," according to Heather Long, chief economist at Navy Federal Credit Union. But Long said they likely won't have similar tailwinds if faced with rising energy prices in the back half of the year. "The cushion is deflating," Long said. "There's no other obvious air pump coming." 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Stocks making the biggest moves premarket: General Motors, 3M, Novartis, Nebius & more
Check out the companies making headlines before the bell: Novartis — Shares jumped 4% after the Swiss pharmaceutical company posted second-quarter core earnings and revenue that exceeded expectations, adding that it "remains on track" to deliver on its full-year guidance and midterm outlook. Core earnings of $2.41 per share topped the StreetAccount consensus of $2.15 per share Revenue of $14.41 billion beat the $13.95 billion forecast. General Motors — The company earned an adjusted $3.57 per share on revenue of $48.03 billion. Analysts polled by LSEG expected a profit of $3.20 per share on revenue of $47.01 billion. Shares gained more than 1% on the back of the results. Domino's Pizza — Shares of the pizza chain dropped 1% after Domino's Pizza posted second-quarter earnings of $4.07 per share, which missed the LSEG consensus estimate of $4.17 per share. Revenue of $1.19 billion, on the other hand, slightly beat the expected $1.18 billion. Nebius Group — The AI cloud company rallied 6% after Nvidia disclosed a 9.3% stake in the Amsterdam-based company, which has turned into one of Europe's leading neoclouds providing AI compute. MMM — The stock jumped more than 5% after the American conglomerate behind Scotch tape and Post-it notes posted second quarter earnings and revenue that beat expectations, and raised its full-year guidance. Taiwan Semiconductor Manufacturing — Shares popped more than 3% after Nikkei Asia, citing sources, reported the foundry will raise prices for chipmaking services by up to 10% next year. Crown Holdings — Shares of the supplier of beverage and industrial packaging climbed more than 2% after the company posted a beat on the top and bottom lines in its second quarter. Crown posted earnings of $2.49 per share, excluding items, on revenue of $3.67 billion. Analysts polled by FactSet were anticipating earnings of $2.16 per share on revenue of $3.37 billion. Steel Dynamics — The steel producer dipped 1% even after the company's latest earnings beat on the top and bottom lines. However, the company posted an additional non-cash impairment charge of $16 million. Cracker Barrel Old Country Store — The restaurant chain gained more than 1% after the company said it expects to "achieve or exceed the high end" of its revenue range and "exceed its adjusted EBITDA outlook" for fiscal 2026, which ends July 31.
Nigeria Targets Record 3 Million Bpd Oil Output by 2030
Nigeria is set to ramp up crude oil production to 3 million barrels per day by 2030, according to the country's upstream regulator, which says reforms aimed at accelerating investment and reducing project delays are beginning to reverse years of declining output. The target would nearly double the country's current crude production and mark the highest level in Nigeria's history, according to Bloomberg. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the government's objective remains achievable as faster permitting, quicker crude sales approvals and other regulatory reforms improve conditions for upstream investment. "The national target is to get to 3 million barrels by 2030–I believe we are able to get there," NUPRC Chief Executive Oritsemeyiwa Eyesan said. Authorities have also introduced tax incentives and other measures under President Bola Tinubu aimed at attracting new capital into the sector. The optimistic outlook follows a steady recovery in Nigerian production. Average crude output reached 1.56 million barrels per day in June, the highest monthly level since April 2020, while combined crude oil and condensate production climbed to 1.735 million bpd. Nigeria has now exceeded its OPEC+ crude production quota for two consecutive months as improved security, fewer pipeline disruptions and stronger operational performance supported higher output. Momentum has also been helped along by new upstream investment. Earlier this month, ExxonMobil announced it would begin drilling a 40,000-barrel-per-day oilfield from August, while Renaissance Africa Energy reported a new oil discovery. Nigerian-owned producers now account for approximately 60% of national crude production, with higher oil prices encouraging operators to reactivate mature fields and restart previously idle wells. Industry analysts caution that restoring production at mature fields alone will not be enough to achieve the government's 2030 target, according to Bloomberg. Sustained production growth will depend on bringing new discoveries into development, maintaining investment momentum and continuing efforts to reduce crude theft. By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com China Seeks Long-Term LNG Deals Beyond the Strait of Hormuz India Hikes Diesel and Jet Fuel Export Tax Brent Futures Flip to Backwardation as Middle East Supply Risks Return Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
Stocks making the biggest moves midday: AMD, Archer Aviation, SpaceX, Iren & more
Check out the companies making the biggest moves in midday trading: Advanced Micro Devices , Microsoft — Microsoft said it would offer AMD's Helios-based system on the Azure cloud. Wolfe Research's Chris Caso said Microsoft's decision to return to AMD GPUs "attests to Helios' competitiveness." The development comes ahead of AMD's Advancing AI day later this week. AMD shares are trading nearly 4% higher, while Microsoft was up less than 1%. Iren — The data center operator's stock jumped more than 17% after it raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion from $3.7 billion, following the receipt of $2.8 billion in new multiyear contracts. The company said about 85% of year-end AI cloud annualized run-rate revenue is under contract. Imax , AMC Entertainment , Cinemark — Movie theater stocks were trading higher Monday on the back of a strong opening weekend for "The Odyssey" and upbeat second-quarter results from AMC. The Christopher Nolan film rang up $264.1 million in worldwide ticket sales . The movie was the first-ever shot entirely in Imax's 70mm, driving moviegoers to see it on Imax screens. Imax said the film tallied $52 million in sales at the global box office for its screens over the weekend. Separately, AMC said U.S. movie attendance is up 12%, while international has grown 18%. By midday, Imax shares were trading off their highs, up almost 1%, while AMC gained 20% and Cinemark added 4%. Archer Aviation — The aerospace stock jumped 17% after the company unveiled an autonomous vertical take-off and landing aircraft , jointly-developed with Anduril, built to serve both defense and commercial applications. The craft's first flight is planned for next year. Sweetgreen , Cava Group — The restaurant stocks were trading lower as the Food and Drug Administration continue to investigate the source of a cyclospora outbreak. Sweetgreen shares are down 8% after rebounding on Friday by 14% when it was thought that the source of the outbreak had been detected. The salad maker's stock is down 26% month to date. Cava shares shed 5% on Monday, bringing July's losses to more than 16%. SpaceX — Shares fell 1% to a fresh low despite the rocket maker announcing its next launch attempt for the Starship rocket will be Thursday. The previous launch attempt was aborted last week after issues with the engines. Alibaba — U.S.-listed shares of the Chinese technology company were up 5% after it previewed a new powerful artificial intelligence model, Qwen 3.8 Max. The company said it is only second to AI giant Anthropic's Fable 5 model. Domino's Pizza — The stock rose more than 1% after its second-quarter financial results were better than feared. Domino's revenue slightly outpaced expectations, and the CEO said the company had meaningful order count growth in both its delivery and take-out business. Hut 8 Corp — The energy infrastructure company popped 11% after it signed a 15-year lease with an existing customer, fully commercializing its 1 gigawatt Beacon Point data center in Texas. The agreement totals $9.8 billion. Semiconductors — A slew of companies were rebounding after a tough week, as the iShares Semiconductor ETF (SOXX) rose 2% in midday trading Monday after tumbling 10% last week. Micron Technology popped more than 4%. Marvell Technology rose 5%, while Intel advanced 3%. —CNBC's Nick Wells contributed to this report.
Stocks making the biggest moves premarket: AMD, SpaceX, Domino's Pizza, Alibaba & more
Check out the companies making the biggest moves premarket: SpaceX — Shares rose more than 1% after the company announced it is moving its launch attempt for its Starship rocket to Thursday. The previous launch attempt was aborted last week after issues with the engines. Alibaba — U.S.-listed shares of the Chinese technology company were up more than 3% after it previewed a new powerful artificial intelligence model. Qwen3.8 Max the company says is only second to AI Giant Anthropic's Fable 5 model. Domino's Pizza — The stock rose more than 7.5% despite the company reporting an earnings miss in its second-quarter financial results. Domino's reported slightly better-than-expected revenue, and the CEO said the company had meaningful order count growth in both its delivery and take-out business. Hut 8 Corp — The energy infrastructure company popped 12% after it signed a 15-year lease with an existing customer, fully commercializing its 1 gigawatt Beacon Point data center in Texas. The agreement totals $9.8 billion. Semiconductors — A slew of companies were rebounding after a tough week, as the iShares Semiconductor ETF (SOXX) rose more than 2% in premarket trading Monday after tumbling 10% last week. Advanced Micro Devices advanced 3.5%, while Micron Technology popped more than 4%. Marvell Technology and Intel both rose 2.5%. Yeti Holdings , Urban Outfitters — Both stocks were on the rise after they received upgrades from Goldman Sachs to buy. Analysts said they have faith Urban Outfitters' management can deliver better consistency on both comparisons and profit execution, while they also said Yeti has an opportunity to support growth in both legacy and emerging franchises. Shares of both companies were up more than 4.5%.
ThinkCareBelieve: Week 78 of the Trump 2.0 Administration
Washington, DC, July 18, 2026 (GLOBE NEWSWIRE) -- ThinkCareBelieve announces a New Report reviewing the events of Week 78of the Trump Administration, part of a weekly series covering all the exciting achievements and events as they happened since President Trump took office in January 2025. The article can be accessed in full at https://thinkcarebelieve.blog/2026/07/18/week-78-of-the-trump-2-0-administration-2/ This article provides details and direct links to primary sources covering the following: 1) How is U.S. National Security threatened by China's interference in our elections—including unsafe voting systems, foreign influence operations, the placement of aligned individuals as election officials, and the movement of votes—and what concrete steps is the administration taking to counter this threat and secure future elections? 2) How did China create fake IDs to create phantom voters and what company did they use to do it? 3) How are the U.S. and the UK breaking new ground by establishing a new set of rules for the use of tokenized finance and cross-border stablecoins? 4) If more than 256,000 non-citizens have already been identified on voter rolls in just four states, isn’t it long past time for Congress to pass strong legislation requiring proof of U.S. citizenshipto register, regular voter roll cleanups, and photo ID to vote in federal elections? 5) What specific steps is the State Department taking to counter the reported resurgence of far-left terrorism domestically and internationally, and how is this effort being coordinated with the Department of Homeland Security and our allies to disrupt funding, recruitment, and operational networks without infringing on protected speech? ThinkCareBelieve’s mission for Peace advocacy facilitates positive outcomes and expanded possibilities. To achieve Peace, we will find the commonalities between diverse groups and bring the focus on common needs, working together toward shared goals. Activism is an important aspect of ThinkCareBelieve, because public participation and awareness to issues needing exposure to light leads to justice. Improved transparency in government can lead to changes in policy and procedure resulting in more fluid communication between the public and the government that serves them. The article highlights events that took place in America, and can be used as a reference, a resource or a review. America’s Weekly Golden Chronicle here: https://thinkcarebelieve.blog/2025/12/01/americas-weekly-golden-chronicle-list/ The Trump Administration’s Agenda for Greatness: https://thinkcarebelieve.blog/2026/03/28/the-trump-administrations-agenda-for-greatness/ How President Trump Helped Real People: https://thinkcarebelieve.blog/2024/10/22/how-president-trump-really-helped-real-people/ The Seth Rich FBI Files: https://thinkcarebelieve.blog/2026/07/09/the-seth-rich-fbi-files/ Finding the Children: https://thinkcarebelieve.blog/2026/07/11/finding-the-children/ Election Integrity: https://thinkcarebelieve.blog/2026/07/17/election-integrity/ ###
'WarshGPT': How Wall Street is adapting to the Fed's new era of communication
F/m Investments' Washington, D.C., office is just a short drive from the Federal Reserve's headquarters. But under the central bank's new leadership, CEO Alexander Morris has found the distance feeling far greater. Fed Chairman Kevin Warsh embarked on an overhaul of the central bank's forward-looking communication since taking the post in May. That move sounded the alarm for market participants like Morris, whose investing theses rely in part on predicting what the Fed will do with interest rates. "We've made a pretty good business out of decoding Fedspeak," said Morris, referring to the jargon-heavy communication preferred by central bank leaders. "And he just said he was going to go quiet on us." This week, Morris' firm, which manages exchange-traded funds tied to inflation and U.S. Treasurys, released "WarshGPT." It's an artificial intelligence-powered tool that parses nearly 1,800 documents and transcripts from Warsh, with the goal of helping users understand how he may analyze issues related to the economy or monetary policy. F/m Investments is one of many financial institutions readying for an era with less public forecasting from Warsh's Fed. In some cases, they're turning to AI models to gain an edge in investing. "Whether the Fed is providing a lot of information or a little information, investors have to understand what the Fed is likely to do in the future," said Gary Richardson, a former historian at the central bank who's now a University of California, Irvine, economics professor. "With limited information, people are going to try to do anything they can to figure out what the Fed is thinking." Greetings and briefcase sizes Investors and Fed watchers have wondered if former Chairman Alan Greenspan's communication style can serve as a baseline for what to expect under Warsh. In that era, Richardson said people joked that Greenspan simply saying "good evening" could cause a market decline. Financial media tracked a so-called briefcase indicator, which operated on the theory that Greenspan carrying a bulkier bag meant he accumulated evidence for why borrowing costs should be altered. Already, Warsh has made expectations clear for a shift in how the Fed publicizes information. One of his task forces aimed at reshaping the Fed's operations is focused on how the central bank communicates. June's Federal Reserve meeting statement — the first such release under Warsh — contained around 130 words, down from figures above 300 words seen in prior publications, a CNBC analysis found. Warsh, who acknowledged the statement was "shorter" and "simpler," said it purposefully excluded forward guidance. In his first post-decision press conference as chairman, Warsh allocated 5% of sentences to policy-relevant topics, according to UBS. That number came in at 27% for an average meeting under predecessor Jerome Powell, the bank said. 'One word can move dollars' F/m Investments' WarshGPT chatbot cost less than $1,000 to build with Anthropic's Claude model, despite the name being a riff on rival OpenAI's ChatGPT. It took roughly two weeks to create from inception to release, a timeframe that included pre-rollout testing by a group that included Fed alumni and newsletter writers. In addition to Warsh's communications, the product also taps into economic and political history to ensure its responses have context. But F/m set limits to what WarshGPT can do: The bot doesn't talk as Warsh and will not offer offer forward statements or forecasts. F/m isn't the only large firm reconsidering its strategies and tools for understanding a Warsh-led central bank. UBS runs an interactive dashboard for clients to track the Fed's policy tone. It allows users to have an unbiased assessment of Warsh's commentary during meetings, according to Elena Amoruso, a strategist at the Swiss bank. Following Warsh's debut policy meeting as chief last month, Amoruso told clients that Warsh's policy-relevant comments were "overwhelmingly hawkish." The central bank leader's stance was driven by his views on the labor market and growth, she said, in addition to the state of inflation. "Arguably, this is the most high-value data set … in terms of how much one word can move dollars," Amoruso told CNBC. At JPMorgan Asset Management, chief global strategist David Kelly has some backup plans if the Fed stops putting out key releases. If the central bank does away with the "dot plot," for instance, Kelly said his team will more closely mull over speeches by members of the Federal Open Market Committee — the group tasked with setting interest rates — to get a sense of how they would next vote. To be sure, Kelly said major changes to Fed communication would likely take several months to announce and implement. He said the final decisions may not be as drastic as some expect. "Just like the Federal Reserve says it can be patient in adjusting interest rates to the economy, we can be patient in adjusting our resources," Kelly said. 'Less clarity' Still, investors anticipate having less forward guidance from the Fed could result in bigger market swings after policy decisions or members' public appearances. Some traders see a chance to rake in larger returns in this environment. "If there's less communication about the reaction function, I actually think that's a negative for the economy," said Steve Friedman, a New York Fed alum who's now senior macroeconomist at MacKay Shields. However, "less clarity about what the Fed may do can actually be a source of alpha for investors if you have a robust framework for thinking about the economy and monetary policy." If Warsh dials back public speaking engagements, Friedman said he would more closely monitor speeches from Fed Governor Christopher Waller. Friedman described Waller as a "bellwether" for the broader committee. Waller said this week that the Fed shouldn't be focused on "fighting the last war" with inflation, but that interest rate hikes could still be on the table. Retail traders may need to further diversify their portfolios to account for added policy uncertainty under Warsh, according to UC-Irvine's Richardson. Investment firms looking to get ahead, meanwhile, will be spending big to hire Fed alumni who can help make predictions in a lower-transparency environment, Richardson said. There are already differing expectations forming for how the Fed will proceed with policy in the coming months. Fed funds futures traders are pricing in an almost 59% likelihood that the central bank increases interest rates in September, according to CME's FedWatch tool. On the other hand, Kalshi traders think it's most likely that the Fed will keep rates unchanged at that meeting. "For ordinary investors, it's already really hard for them to figure out what's going on," Richardson said. "It's going to become much harder." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: Netflix, SpaceX, Alphabet and more
Check out the companies making the biggest moves premarket: Netflix — The streaming giant dropped more than 10% after its in-line results for the second quarter failed to impress investors. Netflix earned 80 cents per share on revenue of $12.56 billion. Analysts polled by LSEG expected a profit of 79 cents per share on revenue of $12.59 billion. The company, however, also said it would cut back how often it releases its "What We Watched" reports — which give investors a look at engagement on the platform. Alphabet — The Google parent company slid for a second day in a row, down 1.5%, after Bloomberg reported on Thursday that Google is months behind delivering its latest Gemini AI model. Alphabet tumbled almost 4.5% on Thursday after the news. Intuitive Surgical — Shares fell more than 11% after the maker of surgical robotic tools posted second-quarter results. The company earned an adjusted $2.80 per share on revenue of $2.89 billion. Analysts polled by LSEG expected a profit of $2.50 per share on revenue of $2.82 billion. Intuitive Surgical also maintained its full-year outlook for procedures using its da Vinci robotic system. It expects growth around 14%. SpaceX — The stock fell more than 3.5% after it aborted the launch of its Starship mega rocket. In a post on X, CEO Elon Musk said some of the engines didn't start, forcing an automatic launch abort, but he promised the company will try again in the coming days. Verizon Communications — The telecommunications company was up 1% after it said it would sell 274 company-owned retail storefronts and cut about 500 corporate jobs. The move is part of Verizon's ongoing restructuring. BP , ConocoPhillips — Shares of the energy companies were up more than 1% after CNBC's Brian Sullivan reported that they will announce new investments in Iraq on Friday. Details of the individual commitments were not immediately available, but people familiar with the matter told Sullivan the investment by the companies will be in billions of dollars, and even potentially tens of billions. Truist Financial Corporation — The bank was up 1.4% after it reported a beat in its second-quarter earnings report. Truist delivered earnings of $1.23 per share, compared to analysts polled by FactSet's estimates for $1.08. Revenue also came in above expectations. Alcoa — The aluminum producer slipped 0.5% even after reporting second-quarter results that beat analyst expectations. Alcoa earned $2.12 per share, excluding certain items, on revenue of $3.97 billion. Analysts had forecast a profit of $2.06 per share on revenue of $3.94 billion, per LSEG. The company also lowered its 2026 production outlook for alumina, which is used in aluminum smelting. Software stocks — A slew of names were lower as the iShares Expanded Tech-Software Sector ETF (IGV) fell more than 1.5% and was on pace for its sixth week lower in seven. Salesforce and Palantir Technologies were off more than 2.4%, while ServiceNow tumbled 2%. Microsoft dropped 1.7%. Memory stocks — The AI trade continued to come under pressure, with the memory names unwinding yet again in premarket trading on Friday. The Roundhill Memory ETF (DRAM) was off more than 3% and pacing to end the week down 19%. Western Digital fell 2.5%, while Micron Technology was off 1.5%. Seagate Technology declined 2%. Fifth Third Bancorp — Shares edged higher despite the regional bank reporting a slight earnings miss in its second-quarter financial report. However, Fifth Third reported net interest income in-line with expectations that was up 48% from the same quarter a year ago. — CNBC's Fred Imbert contributed reporting
India's biggest IPO this year rakes in bids worth $31 billion, powered by institutional frenzy
India's biggest public market offering this year, SBI Fund Management, has garnered bids worth 2.97 trillion rupees ($30.7 billion), underscoring the liquidity available in the market ahead of the much larger issues anticipated in 2026. SBI Fund Management, which is a joint venture between State Bank of India and Europe's Amundi Group, was in the market to raise 97.9 billion rupees ($1 billion). Its initial public offering was oversubscribed 41.6 times, owing to an enthusiastic response from institutional investors. The portion reserved for qualified institutional buyers was subscribed 140 times, with most of the bids coming from domestic institutional investors such as banks and insurance companies. Participation by retail investors was relatively muted, with subscriptions at 3.6 times the offer that closed on Thursday. Institutional interest is good news for public issues of India's largest stock bourse, the National Stock Exchange, and the country's biggest wireless telecommunications company, Jio Platforms, expected to hit the market later this year. Both companies are estimated to raise more than $3 billion each, according to Mumbai-based IPO intelligence firm Prime Database. India has been the most prolific IPO market in the world over the last two years, with the highest number listings, but activity was subdued here during the first half of the year. Rising energy prices due to the Iran war have squeezed the Indian economy, taking the sheen off its domestic consumption story. That has coincided with a global investment rally in AI stocks, an industry where India has no champions. As a result, since the start of the year, the Indian benchmark Sensex has lost over 9.4% and has been among the worst-performing large stock markets. The broader Nifty 50 is down 7.9% so far this year. In June, after a ceasefire between Iran and the U.S., the Indian market recovered partially, and companies started announcing fundraising plans. Stock market offerings worth $50 billion could flood the Indian markets this year, though the continuation of the Iran war remains a key risk. Investors will be keeping a close watch on the listing of SBI Fund Management next week, as strong post IPO gains would increase appetite for new issues. SBI Funds is India's largest asset management company and, as of March 2026, it had 29.5 trillion rupees ($395 billion) under management. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Dallas Fed President Logan calls for 'modestly' higher interest rates
Dallas Federal Reserve President Lorie Logan, asserting that this week's good inflation news wasn't good enough, called Thursday for "modestly" higher interest rates to win a battle the central bank has been losing for the past five years. A voting member this year on the rate-setting Federal Open Market Committee, Logan insisted that inflation is still a major problem for U.S. households that demands action from policymakers. While other Fed officials have expressed a preference for higher rates if inflation metrics don't improve, Logan's is the most specific call for a hike. "I currently believe modestly higher interest rates would better balance the outlook and risks for the FOMC's dual mandate goals," Logan said in prepared remarks for a speech in Houston. "Every month of above-target inflation has compounded the strain on Americans' budgets." Earlier in the week, the Bureau of Labor Statistics reported some progress on that front: Consumer prices for June dropped 0.4%, the biggest monthly decline since April 2020, while wholesale prices slipped 0.3%. Both gauges benefited from slumping oil prices, though costs in several other key categories, most notably housing, also softened. Still, Logan said there's more work to do for the Fed to meet its 2% inflation goal. Despite the monthly decline, consumer prices rose 3.5% from a year ago, while wholesale costs increased 5.5%. Inflation has been above the central bank's target since early 2021. "One month of relief is not enough. It is time to finish the job of restoring price stability," she said. "In monetary policy as in hockey, you have to skate where the puck is going. Unfortunately, inflation does not appear to be headed sustainably back all the way to 2 percent." Markets already expect the FOMC to raise its key overnight borrowing rate by a quarter percentage point later this year — possibly as soon as September, but more likely October, according to the CME Group's FedWatch tracker of fed funds futures pricing. The committee next meets July 28-29, with traders pricing in just 12.3% odds of a hike. Logan pointed to a number of widely cited gauges as well as alternative measures such as core prices less housing to show that inflation is mired well ahead of the Fed's target even with the recent slide in energy prices and waning tariff impacts. "If inflation is not heading all the way to 2 percent on its own, then at least some policy restriction is needed to help get it there," she said. "If higher inflation becomes entrenched, we'd need sharper rate increases to bring it back to target, with a larger cost for the labor market. Better modest restriction now than severe restriction later." Logan did not specifically state that she would push for an increase at this month's meeting or quantify how much higher she thinks rates need to go. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: Manpower, Abbott, UnitedHealth, TSMC & more
Check out the companies making the biggest moves in midday trading: Abbott Laboratories – The maker of Ensure nutrition shakes jumped almost 11%. Abbott raised its full-year guidance for adjusted earnings, forecasting a range of $5.45 to $5.60 per share, versus its earlier estimate of $5.38 to $5.58 a share. The FactSet consensus called for $5.47 per share. ManpowerGroup – The employment agency saw shares surge 33%. Manpower called for third-quarter revenue to rise 2% to 6%, versus the FactSet consensus estimate of 1.7%. Adjusted earnings in the second quarter came in at 99 cents per share on revenue of $4.9 billion, topping Wall Street's call for 95 cents per share and $4.72 billion. Cintas — The uniform rental and laundering service stock jumped 6.5% after a Bank of America upgrade to buy from neutral. The rating change comes after Cintas on Wednesday posted better-than-expected earnings for the fiscal fourth quarter. "We are incrementally more constructive on the setup for earnings over the next several quarters as Cintas benefits from an improved backdrop in key labor verticals, continues to drive impressive growth in adjacent product categories and is generating outsized margin gains from a high focus on improving supply chain and distribution efficiencies," BofA said. Cinemark , Imax — Shares of the movie theater companies dropped almost 4% and 2%, respectively, on the heels of Wells Fargo's downgrades to equal weight from overweight. The firm said the stocks have more balanced risk-to-reward ratios. AST SpaceMobile — The satellite broadband company's stock fell more than 16% after it announced plans to offer $1 billion of convertible senior notes due 2034 in a private offering. UnitedHealth — Shares rose 4% after the health insurance giant posted better-than-expected results for the second quarter. The company earned an adjusted $6.38 per share on revenue of $112.03 billion. Analysts polled by LSEG expected a profit of $4.90 per share on revenue of $110.85 billion. UnitedHealth also hiked its full-year earnings outlook. Taiwan Semiconductor Manufacturing — The chipmaker shed 2%. While TSMC's second-quarter earnings beat estimates, it raised its full-year capital expenditures to between $60 billion and $64 billion versus its prior guidance of high end of the range $52 billion to $56 billion. The company also announced it will invest an additional $100 billion in Arizona. AtaiBeckley — The psychedelic drugmaker jumped 33% after Eli Lilly said it will buy AtaiBeckley for $2.8 billion . That translates to $6.75 per share in cash, which is 26% higher than AtaiBeckley's Wednesday close of $5.36 per share. Eli Lilly could pay up to an additional $2.50 per share if AtaiBeckley's drugs meet certain milestones. Shares of Eli Lilly rose more than 2%. Rival psychedelic drugmaker GH Research rose 12% in the wake of the news. GE Aerospace — Shares dropped 4% despite the company's second-quarter earnings and revenue beat. GE Aerospace reported adjusted earnings of $2.02 per share on adjusted revenue of $12.63 billion. Analysts polled by LSEG had expected EPS of $1.86 on revenue of $11.86 billion. The company also raised its full-year guidance. United Airlines — Shares fell more than 1% despite the airline topping earnings estimates . The company issued softer-than-expected guidance of $2.50 to $3.50 per share for the third quarter, versus FactSet estimates of $3.53 per share. United also said it expects $6 billion in added fuel costs. J.B. Hunt Transport Services — The stock jumped almost 7% after the company reported earnings per share of $1.91 per share in the second quarter, while the FactSet consensus called for $1.74 per share. Revenue came in at $3.5 billion compared to estimates of $3.26 billion. Management said demand for the intermodal service increased throughout the quarter. AeroVironment — Shares rose 4% following an upgrade at Raymond James to outperform from market perform. The firm said AeroVironment's bookings are recovering and its backlog is poised to grow. Rocket Companies — The fintech platform gained more than 1% after Morgan Stanley raised its price target on the stock to $19 and reiterated its buy rating. The new target suggests 30% upside from Wednesday's close. — CNBC's Christina Cheddar Berk, Darla Mercado, Alex Harring, Fred Imbert and Tanaya Macheel contributed reporting.
Stocks making the biggest moves premarket: UnitedHealth, TSMC, GE Aerospace, J.B. Hunt & more
Check out the companies making the biggest moves in premarket trading: UnitedHealth — Shares rose more than 7% in early trading after the health insurance giant posted b etter-than-expected results for the second quarter. The company earned an adjusted $6.38 per share on revenue of $112.03 billion. Analysts polled by LSEG expected a profit of $4.90 per share on revenue of $110.85 billion. UnitedHealth also hiked its full-year earnings outlook. Taiwan Semiconductor Manufacturing — The chipmaker shed 4%. While TSMC's second-quarter earnings beat estimates, it raised its full-year capital expenditures to between $60 billion and $64 billion versus its prior guidance of high end of the range $52 billion to $56 billion. The company also announced it will invest an additional $100 billion in Arizona. AtaiBeckley — The psychedelic drugmaker jumped 34.5% after Eli Lilly said it will buy it for $2.8 billion . That translates to $6.75 per share in cash, which is 26% higher than AtaiBeckley's Wednesday close of $5.36 per share. Eli Lilly could pay up to an additional $2.50 per share if AtaiBeckley's drugs meet certain milestones. Shares of Eli Lilly were up fractionally. GE Aerospace — Shares dropped 4% despite the company's second-quarter earnings and revenue beat. GE Aerospace reported adjusted earnings of $2.02 per share on revenue of $12.63 billion. Analysts polled by LSEG had expected EPS of $1.86 on revenue of $11.86 billion. The company also raised its full-year guidance. United Airlines — Shares fell more than 3% despite the airline topping earnings estimates . The company issued softer-than-expected guidance of $2.50 to $3.50 per share for the third quarter, versus FactSet estimates of $3.53 per share. United also said it expects $6 billion in added fuel costs. J.B. Hunt Transport Services — The stock jumped nearly 7% after the company reported earnings per share of $1.73, beating analyst estimates by 18 cents per share, according to LSEG. Revenue of $3.5 billion was in line with estimates of $3.25 billion. Management said demand for the intermodal service increased throughout the quarter. AeroVironment — Shares rose nearly 2% following an upgrade at Raymond James to outperform from market perform. The firm said AeroVironment's bookings are recovering and its backlog is poised to grow. Rocket Companies — The fintech platform added 2% after Morgan Stanley raised its price target on the stock to $19 and reiterated its buy rating. The new target suggests 30% upside from Wednesday's close. — CNBC's Fred Imbert and Tanaya Macheel contributed reporting.
DBS Targets S$1 Trillion Wealth Assets by 2030, Adds 600 Staff
This article first appeared on GuruFocus. DBS Group Holdings Ltd. (DBSDY), Singapore's largest lender, is aiming to increase its wealth and retail assets to more than S$1 trillion ($775 billion) by 2030 as it accelerates its expansion across major Asian markets. The bank would need to grow those assets from S$632 billion at the end of 2025, a target that could move DBS closer to global wealth-management firms UBS Group AG (NYSE:UBS), Morgan Stanley (NYSE:MS) and JPMorgan Chase & Co. (NYSE:JPM), which each oversee more than $1 trillion in client funds. DBS is pursuing a wider customer base than traditional private banks, including everyday millionaires and less affluent investors across emerging Asian markets. Analysts have said the bank may also benefit as China's tighter controls on capital outflows encourage wealthy regional clients to favor Singapore over Hong Kong. Warning! GuruFocus has detected 10 Warning Signs with DBSDY. Is DBSDY fairly valued? Test your thesis with our free DCF calculator. DBS plans to hire at least 600 relationship managers and platform engineers by the end of 2028, open 18 new wealth centers and upgrade 36 existing locations across Singapore, Hong Kong and mainland China. Shee Tse Koon, the bank's group head of consumer banking and wealth management, described the expansion as possibly the largest physical wealth buildout undertaken by an Asian bank. DBS said 58% of its wealth assets are actively invested in financial products, which represents a record level for the bank, while return on equity at its private-banking division is above 70%. Wealth assets have also been growing at double-digit rates even though relationship-manager headcount increased only at a single-digit pace over the past several years, suggesting the business has been generating strong productivity. DBS is also preparing to launch a redesigned AI-powered wealth platform in mid-August that will provide mass-market customers with personalized investment recommendations, chatbot support and the ability to execute trades without human involvement after giving consent. Oversea-Chinese Banking Corp., a Singapore-based lender, has separately announced plans to increase annual technology spending above S$1 billion, hire 600 additional relationship managers and introduce an AI-powered avatar banking app within a year. United Overseas Bank Ltd., another Singapore-based lender, is also benefiting from the city-state's growing position as a global wealth hub. With Singapore encouraging banks to invest in artificial intelligence and retrain employees, investors may view DBS's hiring, wealth-center expansion and automated investment platform as an effort to capture a larger share of Asia's expanding wealth-management market. View Comments
ProVen Growth and Income VCT plc: Interim Management Statement
ProVen Growth and Income VCT plc Interim Management Statement for the three months ended 31 May 2026 ProVen Growth and Income VCT plc (the “Company”) presents an Interim Management Statement for the three-month period ended 31 May 2026. The statement also includes relevant financial information between the end of the period and the date of this announcement. Performance UnauditedAudited 31 May28 Feb 20262026 PencePenceNet Asset Value per share (“NAV”) 47.647.5Dividends paid to date (originally as "C" Shares)* 83.9083.90Total Return (NAV plus dividends paid since "C" Share class launch) 131.50131.40 * Dividends paid represents dividends paid in respect of the original "C" Shares between their launch in 2006 up until their conversion in 2009 and as Ordinary Shares since the "C" Share conversion. "C" Shares were converted into Ordinary Shares on a one for one basis in 2009. Dividends paid or declared On 3 June 2026, the Company announced a final dividend for the year ended 28 February 2026 of 1.3p per share. This dividend will be paid on 14 August 2026 to Shareholders on the register at 17 July 2026. Payment of this dividend will reduce the NAV per share as shown above to 46.3p and increase dividends paid to date to 85.2p per share. Investment portfolio summary at 31 May 2026 Portfolio summary CostValuation £'000£'000Venture capital investments Picasso Labs, Inc. (t/a CreativeX) 4,54612,924MPB Group Limited 1,1948,100Dash Brands Ltd 3,2827,250Gorillini NV (t/a Gorilla) 2,8867,121Papier Ltd 4,7036,980Luxury Promise Limited 6,0206,243Social Value Portal Ltd 2,6605,919Utilis Israel Ltd (t/a Asterra) 2,1445,216Litta App Limited 2,0535,158Infinity Reliance Limited (t/a My 1st Years) 2,7695,011Other venture capital investments 81,12952,111Total venture capital investments 113,386122,033Cash at bank and in hand 34,751Other net current assets 2,647Net assets 159,431 Unquoted investments are valued at fair values established using the International Private Equity and Venture Capital Valuation Guidelines. Investment activity during the three-month period ended 31 May 2026 Investment additions CostVenture capital investments £’000Mothership Drinks Ltd (t/a MOTH) 1,043Total 1,043 Investment disposals Market value atDisposalGain againstRealised gain / Cost1 March 2026ProceedsCost(loss) in period £’000£’000£’000£’000£’000Access Systems, Inc. (t/a AccessPay)1,7832,6602,6678847Total1,7832,6602,6678847 Investment activity from 1 June 2026 to the date of this announcement In the period from 1 June 2026 to the date of this announcement, a new investment was made in Checkboard Limited (t/a Kord) at cost of £1,068,000. In the period from 1 June 2026 to the date of this announcement, Dryden Holdings Limited (an investee company 100% owned by the Company) was fully disposed of, realising £nil of proceeds for the Company. Changes to share capital Ordinary Shares of 1.6187p each As at 1 March 2026 321,673,772Shares bought back during the 3 months to 31 May 2026 -Shares issued during the 3 months to 31 May 2026 13,506,644 As at 31 May 2026 335,180,416 In the period from 1 June 2026 to the date of this announcement, 498,642 Ordinary Shares were issued on 3 July 2026 pursuant to the offer for subscription that opened on 17 November 2025 and were allotted at an average price of 49.08p, based on the net asset value of 47.5p per Ordinary Share, being the net asset value as at 28 February 2026. In the period from 1 June 2026 to the date of this announcement, 6,165,285 Ordinary Shares were repurchased and subsequently cancelled. Material events Other than the matters described above, there were no material events during the period from 1 March 2026 to 31 May 2026 or in the period from 1 June 2026 to the date of this announcement. Further information Further information regarding the Company can be found on the Company's website: www.proveninvestments.co.uk or by contacting Beringea, the Investment Manager at info@beringea.co.uk or by telephone 020 7845 7820. Beringea LLP Company Secretary Telephone 020 7845 7820 -End
Stocks making the biggest moves midday: SpaceX, Apple, PayPal, Cava, Progressive, Micron & more
Check out the companies making the biggest moves in midday trading: SpaceX — Shares of the rocket maker fell for the fourth-straight session, dipping below its $135 initial public offering price for the first time. Apple , Alibaba and Baidu — Apple shares rose about 4% to a fresh high after its Apple Intelligence cleared a major regulatory hurdle in China, which will allow the service to be used on iPhones in the country. No launch date is set yet, but the news also lifted shares of Alibaba and Baidu, which will partner with Apple on the effort. Alibaba gained 5%, while Baidu added 2%. Memory stocks — The group was pulling back in midday trading Wednesday after big gains in the prior session. Micron , Seagate and Western Digital shares each fell around 8%, while Sandisk tumbled more than 11%. The move comes amid some speculation that competition with Chinese memory chipmakers could be poised to intensify. These fears were stoked by reports that rival ChangXin Memory Technologies , also known as CXMT, is seeing strong demand for its Shanghai listing. Cava — Shares of the fast-casual food chain climbed 5.5% following an upgrade to overweight from equal weight by Morgan Stanley. The bank said Cava has a "defensible" valuation and is "one of the strongest fundamental stories in restaurants." Lionsgate — The movie studio's stock jumped more than 6% after Reuters reported , citing three people familiar with the matter, that Lionsgate is exploring a sale and has seen some interest from France's Bollore Group. The report also said Banijay Group is a potential suitor as well. Insurance stocks — Shares of Progressive fell more than 7% after the insurer reported a 31% drop in income in June versus a year ago. Progressive also saw a steep increase in its combined ratio last month, as it rose to 90% from 86.6% a year ago. Other insurance stocks were down in sympathy, including Allstate , which fell 4%; AON , which slipped less than 1%; and Travelers , which fell almost 2%. Lucid Group — Shares rebounded 19% after the electric vehicle maker denied reports that it is considering filing for bankruptcy court protection or exploring a take-private transaction. Management said it has sufficient liquidity to fund its operation into next year and called the reports "completely false." BlackRock — The investment management company jumped more than 7% after it reported better-than-expected earnings. BlackRock delivered adjusted earnings of $13.91 per share, topping an LSEG estimate of $12.59 per share. Revenue also beat estimates. Pentair — Shares tumbled more than 17% after the water-treatment equipment maker issued preliminary second-quarter results that missed Wall Street expectations. The company said it expects adjusted earnings of $1.12 a share, well below the $1.48 analysts were expecting, according to FactSet. Morgan Stanley — Shares were up up slightly after the bank delivered record quarterly revenue and profits in the second quarter. Earnings came in at $3.46 per share compared with analyst expectations for $2.94. PayPal — The digital payments platform surged 17% after Reuters reported that payments firm Stripe and private equity company Advent offered to buy PayPal for $53 billion. Citing two people familiar with the matter, Reuters said the deal would price PayPal at $60.50 per share, and that the offer was submitted earlier this month. Elevance Health — The stock tumbled 10% despite Elevance Health reporting revenue for the second quarter that was above consensus estimates. Elevance also raised its full-year earnings guidance, which came in slightly above expectations. Bank of New York Mellon — Shares rose nearly 3% after the bank reported an earnings and revenue beat in the second quarter. It also expects revenue to now grow double-digits in 2026, but the bank also sees greater expenses than previously anticipated. — CNBC's Alex Harring and Fred Imbert contributed reporting
SKAGI: Uppgjör Skaga á 2. ársfjórðungi 2026
15. júlí 2026 Tryggingarekstur áfram sterkur Erfitt árferði á mörkuðum litar afkomu af fjármálastarfsemi og fjárfestingum Afkoma 2F og 1H 2026 hjá samstæðu Skaga hf. Helstu lykiltölur 2F 2026 Samstæðan Hagnaður samstæðu fyrir skatta nam 1.037 m.kr. (2F 2025: 1.267 m.kr.) og eftir skatta nam hagnaður ársfjórðungsins 731 m.kr. (2F 2025: 972 m.kr.).Hagnaður af grunnrekstri fyrir skatta nam 1.181 m.kr. (2F 2025: 1.330 m.kr.).Hagnaður á hlut nam 0,39 kr. á ársfjórðungnum (2F 2025: 0,51 kr.).Arðsemi eigin fjár er 12,9% á ársgrundvelli (2F 2025: 18,4%) og gjaldþol samstæðu var 1,3 í lok tímabilsins (2F 2025: 1,28).Eigið fé samstæðu nam 22.558 m.kr. við lok tímabilsins. Tryggingastarfsemi Vöxtur tekna af vátryggingarsamningum var 7,3% og afkoma vátryggingarsamninga nam 1.446 m.kr. (2F 2025: vöxtur 8,9% og afkoma 1.499 m.kr.).Kostnaðarhlutfall í tryggingastarfsemi var 18,0% (2F 2025: 18,4%).Samsett hlutfall var 82,8% (2F 2025: 80,9%). Fjármálastarfsemi Hreinar tekjur af fjármálastarfsemi námu 666 m.kr. (2F 2025: 732 m.kr.) sem er 9% samdráttur á milli ára, en afkoma af fjármálastarfsemi var neikvæð um 95 m.kr. fyrir skatta (2F 2025: 6 m.kr.).Eignir í stýringu (e. AuM) stóðu í 251 ma.kr. við lok tímabilsins og var óbreytt á milli ársfjórðunga. Fjárfestingar Fjárfestingartekjur námu 396 m.kr. (2F 2025: 509 m.kr.) sem samsvarar 0,8% ávöxtun.Hreinar tekjur af fjárfestingum voru neikvæðar um 144 m.kr. (2F 2025: -63 m.kr.). Helstu lykiltölur 1H 2026 Hagnaður samstæðu fyrir skatta nam 704 m.kr. (1H 2025: -104 m.kr.) og eftir skatta nam hagnaður fyrri árshelmings 395 m.kr. (1H 2025: -380 m.kr.).Hagnaður af grunnrekstri fyrir skatta nam 1.100 m.kr. (1H 2025: 1.046 m.kr.).Vöxtur tekna af vátryggingarsamningum nam 7,1% og afkoma af vátryggingarsamningum nam 1.584 m.kr. (1H 2025: 1.449 m.kr.) sem samsvarar 135 m.kr. afkomubata á milli ára.Kostnaðarhlutfall í tryggingastarfsemi var 18,5% (1H 2025: 18,8%).Samsett hlutfall var 90,4% (1H 2025: 90,6%).Hreinar tekjur af fjármálastarfsemi námu 1.380 m.kr. (1H 2025: 1.512 m.kr.) og lækkuðu um 9% á milli ára.Fjárfestingartekjur námu 762 m.kr. (1H 2025: -13 m.kr.) en hreinar fjárfestingartekjur voru neikvæðar um 396 m.kr. (1H 2025: -1.150 m.kr.). Haraldur I. Þórðarson, forstjóri: „Rekstur samstæðunnar á öðrum ársfjórðungi einkenndist af góðum árangri í bland við áskoranir. Afkoma af grunnrekstri dróst lítillega saman frá fyrra ári þrátt fyrir áframhaldandi góðan takt í tryggingastarfseminni þar sem neikvæð afkoma af fjármálastarfseminni á tímabilinu vó þar á móti. Á ársfjórðungnum komu skipulagsbreytingar til framkvæmda í kjölfar stefnurýni félagsins, þar sem áhersla er lögð á einföldun og kostnaðarhagræði. Hagræðingaraðgerðir þeim tengdar höfðu í för með sér nokkurn kostnað sem gjaldfærður var að fullu á tímabilinu. Horft fram á veginn skila þessar aðgerðir sér í lægri kostnaði sem nemur um 300 m.kr. á ársgrundvelli og leggja grunn að auknu hagræði af rekstri samstæðunnar. Afkoma fjárfestinga var undir markmiðum og viðmiði á ársfjórðungnum sem skýrist að mestu af neikvæðri ávöxtun bæði skráðra og óskráðra hlutabréfa. Afkoma af tryggingastarfsemi var áfram sterk á öðrum ársfjórðungi og á fyrri helming ársins var samsett hlutfall það lægsta síðan árið 2007. Þessi árangur endurspeglar öflugan undirliggjandi rekstur, góðan og arðbæran iðgjaldavöxt og markvissa áherslu á rekstrahagkvæmni. Þá voru einnig jákvæðar matsbreytingar vegna hagstæðrar þróunar fyrri ára. Horfur félagsins hafa verið uppfærðar í kjölfar betri þróunar en áður var gert ráð fyrir. Tekjuvöxtur hefur verið kröftugur síðustu ár og hefur viðskiptavinum VÍS fjölgað jafnt og þétt. Þá hafa allir helstu þjónustu- og ánægjumælikvarðar þróast í rétta átt en VÍS leggur ríka áherslu á framúrskarandi þjónustu og að styrkja enn frekar tengslin við viðskiptavini um allt land. Þessi árangur staðfestir enn og aftur að sú stefna sem félagið hefur markað er að skila árangri. Fjárfestingartekjur námu 396 m.kr. á ársfjórðungnum sem jafngildir 0,8% ávöxtun fjárfestingasafns samanborið við 1,4% hækkun viðmiðunarvísitölu. Skuldabréf skiluðu 685 m.kr. en þar munar mest um ávöxtun fyrirtækjaskuldabréfa. Óskráð hlutabréf drógu niður afkomu ársfjórðungsins en eignaflokkurinn lækkaði um 220 m.kr. eða 3,1%. Virði eignarhlutar í Annata lækkaði að fjárhæð 286 m.kr., en eignarhlutur félagsins er í gegnum sjóði á vegum VEX og lækkaði rekstrarfélagið virðismat á félaginu á ársfjórðungnum. Skráð hlutabréf skiluðu neikvæðri afkomu að fjárhæð 89 m.kr. eða -1,2% ávöxtun en þar hafði lækkun á virði Oculis mest áhrif á afkomu skráðra hlutabréfa eða samtals 356 m.kr. á öðrum ársfjórðungi. Á fyrri hluta ársins námu fjárfestingartekjur 762 m.kr. eða 1,5% ávöxtun samanborið við 0,6% ávöxtun viðmiðunarvísitölu. Afkoma fjárfestinga, að teknu tilliti til fjármagnsliða vátrygginga, var neikvæð um 396 m.kr. á fyrri hluta ársins. Áfram var dregið úr vægi hlutabréfa en í lok tímabilsins nam vægi hlutabréfa 27% en skuldabréfa 73%. Annar ársfjórðungur var undir væntingum í fjármálastarfseminni, og drógust tekjur saman um tæplega 9% frá sama tímabili árið áður. Samdrátturinn skýrist einkum af lægri þóknanatekjum hjá Fossum í markaðsviðskiptum og fyrirtækjaráðgjöf ásamt neikvæðum fjármunatekjum. Horfur varðandi tekjur í fjármálastarfsemi fyrir árið hafa verið uppfærðar í ljósi þessarar þróunar. Afkoma Fossa var neikvæð um 146 m.kr. eftir skatt á öðrum ársfjórðungi. Auk samdráttar í þóknanatekjum skýrist afkoman af kostnaði vegna forstjóraskipta og starfsmannabreytinga að fjárhæð 75 m.kr., auk neikvæðrar þróunar fjármunatekna. Á ársfjórðungnum jukust tekjur Íslenskra verðbréfa um 35% frá fyrra ári og var afkoma félagsins 55 m.kr. eftir skatt. Tekjur félagsins námu 499 m.kr. á fyrri helmingi ársins og jukust um 24% frá fyrra ári. Afkoma Íslenskra verðbréfa var 37 m.kr. eftir skatt á fyrri árshelmingi samanborið við 18 m.kr. tap eftir skatt á sama tímabili í fyrra. Eignir í stýringu í fjármálastarfsemi námu 251 ma.kr. sem samsvarar 8,3% vexti á milli ára. Á fyrri helmingi ársins skilaði félagið hluthöfum samtals um 1.792 m.kr. í gegnum endurkaup eigin bréfa og arðgreiðslur. Þrátt fyrir þessar útgreiðslur er eiginfjárstaða félagsins áfram sterk og gjaldþolshlutfall samstæðu um 1,3 í lok tímabilsins, að teknu tilliti til fyrirséðra arðgreiðslna samkvæmt arðgreiðslustefnu. Félagið býr því áfram yfir sterkri eiginfjárstöðu sem styður við áform um framtíðarvöxt og áframhaldandi arðsemi.” Uppfærðar horfur í rekstri Skaga Rekstrarhorfur Skaga fyrir árið 2026 voru settar fram í upphafi árs en uppfærðar þann 10. júlí sl. Rekstrarhorfur eru nú sem hér segir1: Afkoma í tryggingastarfsemi: Samsett hlutfall á bilinu 90 – 93%. Markmið 2.900 milljónir.Fjárfestingartekjur: Áætluð ávöxtun fjárfestingareigna3 á árinu er 9,5% en það er byggt á forsendum vaxtastigs í upphafi árs og fjárfestingarstefnu. Kynningarfundur Kynningarfundur vegna uppgjörsins verður haldinn miðvikudaginn 15. júlí, klukkan 16:00 í höfuðstöðvum félagsins í Ármúla 3, Reykjavík. Haraldur I. Þórðarson, forstjóri Skaga, mun kynna uppgjörið. Hægt verður að fylgjast með fundinum í beinu streymi og nálgast má upptöku af honum á fjárfestasíðu félagsins. Þar verður einnig hægt að nálgast kynningarefni fundarins. Nánari upplýsingar Nánari upplýsingar veitir Haraldur I. Þórðarson, forstjóri Skaga, í netfanginu haraldur@skagi.is. 1 Upplýst verður um afkomuhorfur í trygginga- og fjármálastarfsemi ef þær breytast frá þeim vikmörkum sem kynntar eru. 2 Hreinar fjármálatekjur eru allar tekjur í fjármálastarfsemi, þ.m.t. hreinar vaxta- og þóknanatekjur, fjármunatekjur og aðrar tekjur. 3 Um er að ræða áætlaða ávöxtun fjárfestingareigna VÍS. Ekki verður upplýst um frávik frá áætlaðri ávöxtun fjárfestingareigna. Félagið birtir upplýsingar um stærstu eignir í fjárfestingarstarfsemi í fjárfestakynningum ársfjórðungslega. Hafa skal í huga að heildarstærð fjárfestingarsafnsins getur tekið breytingum vegna verðbreytinga, arðgreiðslna, endurkaupa, tilfærslu á ráðstöfun fjármagns innan samstæðu o.fl. Viðhengi Q2 2026 - Fréttatilkynning SkagaQ2 2026 - Fjárfestakynning SkagaÁrshlutareikningur samstæðu Skaga 30.6.2026
Goldman Sachs sends a confident signal
A dividend is one of the few promises a company cannot quietly fake. Guidance gets walked back. Buybacks get paused the moment a quarter turns ugly. But a cash payment wired to shareholders every 90 days is a firm putting real money behind its own story, quarter after quarter, with nowhere to hide. That is why the least glamorous line on a bank's balance sheet often tells you the most. Every summer, the biggest U.S. banks run the same gauntlet. The Federal Reserve drops them into a hypothetical recession, models the damage, and the ones left standing earn the right to hand capital back to shareholders. In most years, the exercise reads as a formality, and this year, with the market near records and artificial intelligence spending hogging every headline, it barely registered. Investors have been trained to obsess over earnings beats, analyst price targets, and the timing of the next rate cut. The quarterly dividend rarely makes anyone's watchlist. Which is exactly why Goldman Sachs (GS) deserves a second look right now. After clearing the Fed's 2026 stress test, the bank said it intends to raise its quarterly common dividend from $4.50 to $5 a share beginning July 1, an 11% bump and a 25% jump from a year earlier, according to the firm.Goldman Sachs lifts its quarterly dividend from $4.50 to $5.00.PixeloneStocker / Getty Images What Goldman Sachs actually announced on its dividend The trigger was the Fed's Comprehensive Capital Analysis and Review, known as CCAR. On June 24, the bank confirmed it remains well capitalized across a wide range of economic scenarios, with its stress capital buffer holding at 3.4% through September 2027, according to the firm. That buffer is the cushion regulators force a bank to hold against a modeled crisis. A steady buffer means the Fed sees no new cracks, which frees management to send more cash out the door rather than stockpile it. More Wall Street: Wall Street's $200 billion IPO wave threatens sell-off Goldman bans the very bets JPMorgan wants to sell Wall Street sends strong 4-word verdict on the stock market With that box checked, Goldman moved. The firm said the increase takes effect July 1 and still needs a rubber stamp from its board at the scheduled third-quarter meeting, according to the firm. Put the numbers in plain English. Goldman paid $2.50 a share each quarter back in 2022, according to the firm's filings. The new rate is $5.00. It paid $4.00 a quarter as recently as the summer of 2025 before this latest step, according to a separate filing. When I traced the payout back through those disclosures, the pattern was hard to miss. The dividend has doubled in four years, and Goldman has now raised it for 15 straight years, according to dividend tracker Koyfin. Story Continues Related: Goldman Sachs drops new warning on interest rate hikes Why the Fed stress test matters for bank dividends Goldman was not alone. The 2026 stress test cleared all 32 large banks, and the industry responded by opening the spigot. Here is how the biggest names moved after the results landed, according to CNBC: JPMorgan Chase (JPM) raised its quarterly dividend 10% to $1.65 a share and authorized a fresh $50 billion buyback. Morgan Stanley (MS) lifted its payout 15% to $1.15 a share and reauthorized a $20 billion repurchase program. Wells Fargo (WFC) said it expects to raise its dividend 11% to 50 cents a share. Goldman Sachs raised its dividend 11% to $5.00 a share, citing its earnings and capital strength. The stress test matters because it is the gate. No large bank can meaningfully lift a dividend without the Fed's blessing, so the June results function as Wall Street's annual permission slip. When every major lender walks through it at once and immediately hikes, that is the industry telling you it sees clear skies, not storm clouds. The scale is easy to underestimate. The group was modeled absorbing roughly $708 billion in losses in the hypothetical downturn and still stayed above its minimums, according to TheStreet's reporting. That is the backdrop that let boards move so fast. What a $5 quarterly dividend means for your income Here is where the abstract turns concrete. A $5 quarterly dividend works out to $20 a year for every share you own. Hold 100 shares of Goldman, and that is $2,000 in annual dividend income, up from roughly $1,000 at the 2022 rate. Hold 500 shares in a retirement account, and you are looking at $10,000 a year in cash that arrives whether the stock climbs or slumps. That is the quiet power of a rising dividend. It pays you to wait. For an income investor who reinvests, a payout that doubles every few years compounds into something that can eventually rival the paycheck it was meant to supplement. The catch is price. Goldman has run hard, and at recent levels, the yield still sits under 2%, which means you are buying a growing stream, not a fat one today. My read is that this is a stock that rewards patience and reinvestment, not a name to chase for immediate income. For younger savers, that distinction matters more than the headline number. A sub-2% yield that grows at a double-digit clip can, over 20 years, hand you a yield on your original cost that no savings account will touch. What Goldman's payout signals for the rest of 2026 The dividend is not really the story. The confidence behind it is. Goldman only commits to a bigger permanent payout when management believes the earnings can support it for years, not quarters. The bank has kept its crown as the top merger adviser and is sitting on its deepest deal backlog in four years, which points to a heavy pipeline of fee revenue as those transactions close. None of that erases the risks. Goldman's fortunes swing with market activity, and a sharp downturn would hit its trading and banking engines fast. The AI-fueled rally that has lifted almost everything could reverse just as quickly. Still, when a bank that lives and dies by market cycles chooses to double its dividend across four years and clear the Fed without breaking stride, it is placing a bet in public. Income investors will not get another read this clean until the fall. The next test comes with third-quarter earnings, when Goldman has to show the profits that make a $5 payout look conservative rather than brave. Related: Does Meta pay dividends? Its yield and payouts explained This story was originally published by TheStreet on Jul 15, 2026, where it first appeared in the Investing section. 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Watch Fed Chairman Kevin Warsh testify live before Senate banking committee
[The stream is slated to start at 10 a.m. ET. CNBC Television will start the stream when the event begins. Please refresh the page if you do not see a player above.] Federal Reserve Chairman Kevin Warsh testifies Wednesday before the Senate Banking Committee, facing questions over the the economy and how various factors might impact interest rates. Part of congressionally mandated Capitol Hill appearances for the central bank leader, Warsh spoke Tuesday to the House Financial Services Committee. During his remarks, he reaffirmed the Fed's commitment to fighting inflation though he gave few clues about the direction of monetary policy. Legislators tried baiting Warsh into commenting on fiscal and political matters, but he largely avoided the topics, stressing the importance of the Fed staying focused on its assigned responsibilities. Read more: Warsh pledges Fed policy 'regime change' to rid inflation 'tax' on American people Kevin Warsh names members of his Federal Reserve task forces, including Marc Andreessen, Doug McMillon Fed meeting minutes to show 'family fight' over rates. The squabble could drag on for a while Subscribe to CNBC on YouTube. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
‘Arsenal of democracy’: Jamie Dimon announces $24 million effort to boost American shipbuilding
JPMorgan Chase CEO Jamie Dimon on Wednesday announced a $24 million effort to help revive American shipbuilding, his latest move under the bank's $1.5 trillion security project aimed at bolstering industries critical to U.S. economic and national security. The figure includes $18 million in loans and $6 million in grants to finance a new submarine manufacturing facility at the Philadelphia Navy Yard being built by Rhoads Industries, expand lending to maritime-related small businesses and strengthen regional suppliers, JPMorgan said. "The arsenal of democracy has been reignited," Dimon told CNBC's Andrew Ross Sorkin. "People said it couldn't happen, but here you have Hanwha shipbuilding at the Philadelphia Navy Yard," Dimon said, naming a South Korean conglomerate with a U.S. vessel-making subsidiary. The announcement comes as rising geopolitical tensions, including wars in the Middle East and Ukraine, spur governments to rearm and reinvest in domestic industrial capacity. Last year, JPMorgan launched a $1.5 trillion initiative to finance sectors it considers critical to U.S. economic and national security, including shipbuilding. The firm announced an expansion of the program into Europe this year. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
3 Growth Stocks with Questionable Fundamentals
3 Growth Stocks with Questionable Fundamentals Growth is a hallmark of all great companies, but the laws of gravity eventually take hold. Those who rode the COVID boom and ensuing tech selloff in 2022 will surely remember that the market's punishment can be swift and severe when trajectories fall. Deciphering which businesses can sustain their high growth rates is a challenge for even the most seasoned professionals, which is why we started StockStory. Keeping that in mind, here are three growth stocks facing an uphill battle and some other opportunities you should consider instead. Aflac (AFL) One-Year Revenue Growth: +24.9% Known for its iconic duck mascot that has quacked "Aflac!" in commercials since 2000, Aflac (NYSE:AFL) provides supplemental health and life insurance policies that pay cash benefits directly to policyholders for expenses not covered by their primary insurance. Why Do We Avoid AFL? 6.2% annual declines in net premiums earned for the past five years indicates policy sales struggled this cycle Projected book value per share decline of 4.8% for the next 12 months points to tough credit quality challenges ahead High debt-to-equity ratio of 1.9× shows the firm carries too much debt relative to shareholder equity, increasing bankruptcy risk Aflac is trading at $121.82 per share, or 2.1x forward P/B. If you're considering AFL for your portfolio, see our FREE research report to learn more. Columbia Financial (CLBK) One-Year Revenue Growth: +46.5% Founded during the Roaring Twenties in 1926 and headquartered in Fair Lawn, New Jersey, Columbia Financial (NASDAQ:CLBK) operates federally chartered savings banks in New Jersey that offer traditional banking services including loans, deposits, and insurance products. Why Do We Think CLBK Will Underperform? Net interest income was flat over the last five years, indicating it's failed to expand this cycle Net interest margin of 2.1% is well below other banks, signaling its loans aren't very profitable Performance over the past five years shows each sale was less profitable, as its earnings per share fell by 3.8% annually Columbia Financial's stock price of $21.39 implies a valuation ratio of 1.8x forward P/B. Check out our free in-depth research report to learn more about why CLBK doesn't pass our bar. Washington Trust Bancorp (WASH) One-Year Revenue Growth: +15.6% Founded in 1800 and operating as Rhode Island's oldest community bank, Washington Trust Bancorp (NASDAQ:WASH) is a regional bank holding company offering commercial banking, mortgage lending, personal banking, and wealth management services. Story Continues Why Is WASH Risky? 4.3% annual net interest income growth over the last five years was slower than its banking peers Net interest margin of 2.3% reflects its high servicing and capital costs Earnings per share fell by 9.6% annually over the last five years while its revenue was flat, showing each sale was less profitable At $35.83 per share, Washington Trust Bancorp trades at 1.2x forward P/B. Read our free research report to see why you should think twice about including WASH in your portfolio, it's free. High-Quality Stocks for All Market Conditions ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it's flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today. View Comments
Warren Buffett on the market today: 'It's tough to find values when everybody is preferring gambling'
Warren Buffett was critical of a stock market that he said is increasingly driven by speculative trading, as opposed to investing for the long term. "It's tough to find values when everybody is preferring gambling," Buffett told CNBC's Becky Quick. The chairman of Berkshire Hathaway had sharp words on the stock market earlier this year. In May, he likened the stock market to "a church with a casino attached," specifically calling out the surge in one-day options trading as "gambling." The stock market has rallied to all-time highs this year, climbing a wall of worry that included an energy shock from an ongoing war with Iran. Skeptics have said there's too much speculation in stocks tied to the artificial intelligence buildout, with vehicles such as options and leveraged exchange-traded funds adding fuel to the fire. Equities have increasingly attracted retail traders en masse, who are buying shares of memory chipmaker Micron and recent IPO SpaceX. The billionaire investor, 95, known for his stout adherence to value investing expressed his belief that the most meaningful investment opportunities are fewer and far between, requiring a patient and disciplined approach. "There are times when opportunities are just thrown at you so fast you can't, you know, it's unbelievable," the Berkshire chairman said. "And then there's other times when you're very, very lucky if you find one thing in a couple of years. And it should always be that the the latter is what prevails." "But since humans love to gamble so much, there's more money in in actually cultivating gamblers than there are cultivating investors," he said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
3 Reasons FBNC is Risky and 1 Stock to Buy Instead
3 Reasons FBNC is Risky and 1 Stock to Buy Instead First Bancorp has followed the market's trajectory closely, rising in tandem with the S&P 500 over the past six months. The stock has climbed by 11.3% to $64.01 per share while the index has gained 8.2%. Is now the time to buy First Bancorp, or should you be careful about including it in your portfolio? Dive into our full research report to see our analyst team's opinion, it's free. Why Is First Bancorp Not Exciting? We don't have much confidence in First Bancorp. Here are three reasons why there are better opportunities than FBNC, plus one stock we'd rather own. 1. Long-Term Revenue Growth Disappoints Two primary revenue streams drive bank earnings. While net interest income, which is earned by charging higher rates on loans than paid on deposits, forms the foundation, fee-based services across banking, credit, wealth management, and trading operations provide additional income. Regrettably, First Bancorp's revenue grew at a mediocre 8.2% compounded annual growth rate over the last five years. This was below our standard for the banking sector.First Bancorp Quarterly Revenue 2. Projected Net Interest Income Growth Is Slim Forecasted net interest income by Wall Street analysts signals a company's potential. Predictions may not always be accurate, but accelerating growth typically boosts valuation multiples and stock prices while slowing growth does the opposite. Over the next 12 months, sell-side analysts expect First Bancorp's net interest income to rise by 4.3%, a deceleration versus its 9.9% annualized growth for the past two years. This projection is below its 9.9% annualized growth rate for the past two years. 3. EPS Barely Growing Analyzing the long-term change in earnings per share (EPS) shows whether a company's incremental sales were profitable — for example, revenue could be inflated through excessive spending on advertising and promotions. First Bancorp's unimpressive 6.5% annual EPS growth over the last five years aligns with its revenue performance. This tells us it maintained its per-share profitability as it expanded.First Bancorp Trailing 12-Month EPS (Non-GAAP) Final Judgment First Bancorp isn't a terrible business, but it doesn't pass our quality test. That said, the stock currently trades at 1.6× forward P/B (or $64.01 per share). Beauty is in the eye of the beholder, but we don't really see a big opportunity at the moment. We're fairly confident there are better investments elsewhere. We'd recommend looking at a dominant aerospace business that has perfected its M&A strategy. Stocks We Would Buy Instead of First Bancorp ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Story Continues Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today. View Comments
PPI wholesale inflation falls 0.3% in June thanks to lower gas prices
Wholesale inflation dipped in June, the Bureau of Labor Statistics reported Wednesday, with the Producer Price Index for final demand falling 0.3%. It marked the first time the index has moved lower on a monthly basis since August 2025. And the June pullback in wholesale prices came before the ceasefire between the U.S. and Iran collapsed, driving oil prices higher again. Final demand prices had risen 0.6% in May and 1.1% in April. On an annual basis, the index for final demand rose 5.5% through June. The June decline was driven by a 1.4% drop in prices for final demand goods — the largest such decrease since July 2022, when goods prices fell 1.9%. Energy prices led the goods decline, falling 6.4% for the month. Food prices also slipped 0.6%. Prices for final demand goods excluding food and energy edged up 0.2%. Gasoline accounted for nearly two-thirds of the June decline in final demand goods prices, dropping 12%. Diesel fuel, jet fuel, fresh vegetables, crude petroleum, and thermoplastic resins also fell. Plastic products and residential electric power were among the categories that posted increases. Final demand services prices rose 0.2% in June after falling 0.1% in May. More than 60% of that gain came from trade services margins, which advanced 0.4%. Margins for fuels and lubricants retailing jumped 13%, accounting for roughly half of the services increase. Margins for machinery and vehicle wholesaling declined 8.4%. The core PPI measure — final demand excluding food, energy, and trade services — rose 0.1% in June after jumping 0.8% in May. That measure was up 5.1% over the prior 12 months. The June result met analyst expectations, according to Barron's. Economists had forecast a 0.3% drop for the month. Core PPI came in at 0.2%, short of the 0.3% gain that forecasters had anticipated, according to CNBC. At the intermediate demand level, prices for processed goods fell 1.2% — the largest decline since December 2022 — driven by a 7.3% drop in processed energy goods. Prices for unprocessed goods fell 4.1%, the steepest drop since May 2023, with unprocessed energy materials down 8.1%. Crude petroleum fell 12.1% and diesel fuel fell 18%. The next PPI report, covering July 2026, is scheduled for release on Aug. 13, 2026. View Comments
New York Fed President Williams says inflation has peaked, rates 'well positioned'
New York Federal Reserve President John Williams said Wednesday that he sees multiple signs that inflation has peaked, allowing the central bank to hold interest rates in place despite market expectations for a hike in coming months. In a speech delivered to business leaders in his home district, Williams cited five reasons why he expects the latest price surge has run its course. "There are encouraging reasons to expect that inflation has peaked and should edge down in coming quarters," he said. "I expect overall inflation to decline to around [3.25%] percent by year-end, then continue on a glide path toward our 2 percent goal in 2027 and land on target in 2028," he later added. Inflation spiked this year following after U.S. and Israel attacked Iran in late February, sending oil prices spiraling higher. Williams cited the war, along with lingering tariff impacts and accelerated technology spending, as the primary drivers. However, he sees signs that those factors, plus other inputs, are easing. Specifically, there shouldn't be "significant additional impulse" from tariffs as expiring duties are merely replaced by one ones. At the same time, the oil spike has "likely peaked and will come down closer to levels seen before" the fighting, he said. Artificial intelligence investment also is seen as another contributor, but Williams said "imbalances" should "recede over time as more supply comes online." He also cited the labor market as not a source of inflation, and concluded that inflation expectations also are "well-anchored," giving the Fed policy breathing room. "Growth in the economy is solid and on trend, and the labor market is likewise solid and stable," he said. "But with inflation running high, it is imperative that we restore it to the Federal Reserve's 2 percent longer-run goal on a sustained basis. The current stance of monetary policy is well positioned to do that." Nevertheless, markets still expect the Fed to hike as soon as September. By a narrow margin, Williams' colleagues on the Federal Open Market Committee in June also penciled in one quarter-percentage-point increase by the end of the year. The remarks come a day after the Bureau of Labor Statistics reported that consumer prices posted an unexpectedly sharp 0.4% drop in June, taking the annual inflation rate down to 3.5%. It was the largest one-month price decline since April 2020, but still left the Fed well short of its inflation target. Fed Chairman Kevin Warsh told the House Financial Services on Tuesday that the price drop did not represent a "mission accomplished" moment. "That is not my view," he said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Buffett Says He Was Behind Berkshire Purchase of Alphabet Shares
(Bloomberg) -- Warren Buffett said he initiated Berkshire Hathaway Inc.'s bet on Google parent Alphabet Inc., a sign of the billionaire's support for the technology company's spending on artificial intelligence. The Berkshire chairman's successor as chief executive officer, Greg Abel, doesn't make any decision Buffett doesn't approve of, and vice versa, Buffett said in a CNBC interview Wednesday. Buffett said he made a mistake overlooking Alphabet when it was still asset-light and a markets darling. He's now changed his mind, even as the tech firm dramatically boosted its capital expenditures in the race to develop AI products. "They're more likely to be a winner based on their record than probably 90% or 95% of what gets merchandised through Wall Street," Buffett said in the interview. Berkshire started building a stake in Alphabet last year, and now owns shares worth almost $21 billion as of the market's close on Tuesday. The Omaha, Nebraska-based conglomerate also invested $10 billion in a private placement as part of an $80 billion deal to buttress the tech firm's investments in AI. While Buffett appears more inclined to invest in tech stocks, the investor still favors other businesses, he said. "I would say that I don't like it as well as at least four or five other businesses that we own," Buffett said. More stories like this are available on bloomberg.com ©2026 Bloomberg L.P. View Comments
Buffett says Trump's pick of Kevin Warsh for Fed chair was 'good choice'
New Federal Reserve Chairman Kevin Warsh was a "good choice" for the job, Warren Buffett told CNBC. Warsh made his mark during his first meeting as chair in June, holding rates steady while outlining changes to the central bank's approach. In Congressional testimony on Tuesday, Warsh pledged a "regime change" in Fed policy and promised to tackle inflation. "I think he will do the best he can at achieving the job he was assigned to do, which is 2% inflation and maintaining maximum employment," Buffett said in an interview with Becky Quick on "Squawk Box." "He can't be perfect at it, and just like I know I couldn't be perfect at taking people's money and earning super returns on it," he added. Warsh took the helm in May after being nominated by President Donald Trump and confirmed by Congress. On Wednesday, he'll return to the Capitol to testify in front of the Senate Banking Committee. "He cares about the country," Buffett said. "I think that's been true of a good many. It doesn't mean their decisions are always great, but because sometimes the decisions are so tough." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves premarket: BlackRock, PayPal, ASML, Morgan Stanley & more
Check out the companies making the biggest moves premarket: BlackRock — The investment management company jumped more than 4.5% after it reported better-than-expected earnings. BlackRock delivered adjusted earnings of $13.91 per share, topping an LSEG estimate of $12.59Revenue also beat estimates. Pentair — Shares tumbled more than 14% after the water-treatment equipment maker issued preliminary second-quarter results that missed Wall Street expectations. The company said it expects adjusted earnings of $1.12 a share, well below the $1.48 analysts were expecting, according to FactSet. Morgan Stanley — Shares were up 1.5% after the bank delivered record quarterly revenues and profits in its second-quarter earnings report. Earnings came in at $3.46 per share compared to analysts polled by LSEG's expectations for $2.94. Johnson & Johnson — Shares lost more than 1% in the premarket even after the pharma giant posted better-than-expected results for the second quarter. J & J earned an adjusted $2.90 per share on revenue of $25.31 billion. Analysts polled by LSEG expected a profit of $2.85 per share on revenue of $25.05 billion. PayPal — The digital payments platform surged 19% after Reuters reported that payments firm Stripe and private equity company Advent offered to buy PayPal for $53 billion. Citing two people familiar with the matter, Reuters said the deal would price PayPal at $60.50 per share, and that the offer was submitted earlier this month. ASML — Shares rose 3% after the Dutch semiconductor-equipment maker reported quarterly results better than estimates and raised its full-year guidance again. The company hiked its outlook for full-year sales, and now sees a gross margin forecast of between 54 and 56%, up from a previous estimate of between 51 and 53%. IBM — The legacy tech giant rose more than 1% as it recovered some of the steep losses suffered in the previous session. IBM suffered its worst day on record on Tuesday, plunging 25% after releasing disappointing preliminary results for the second quarter. Elevance Health — The stock tumbled 7% despite Elevance Health reporting revenue for the second quarter that was above consensus estimates. Elevance also raised its full-year earnings guidance, which came in slightly above expectations. M & T Bank — The regional bank rose 2% after earnings beat expectations in the second quarter. M & T reported earnings of $5.32 per share, compared to a FactSet consensus of $4.66 per share. Bank of New York Mellon — Shares slipped by 1% despite the bank reporting an earnings and revenue beat in the second quarter. It also expects revenue to now grow double-digits in 2026, but the bank also sees greater expenses than previously anticipated. — CNBC's Fred Imbert contributed reporting
WFC Q2 Earnings Call Highlights Growth Push Amid NIM Pressure
Wells Fargo & Company WFC used its second-quarter 2026 earnings call to press a single message: growth is broadening across the franchise, even as some of that expansion weighs on near-term margin optics. Management repeatedly framed the pressure on net interest margin as a deliberate byproduct of balance sheet deployment, not a deterioration in underlying demand. That distinction mattered because investors focused heavily on margin trends in the Q&A. Management responded by emphasizing that loan, deposit and fee growth are producing stronger returns across businesses and keeping the company on track toward its medium-term profitability goals. WFC Pushes a Broader Growth Story Chairman and CEO Charlie Scharf said every operating segment posted year-over-year growth in both net interest income and noninterest income, with total revenue up 9% to $22.62 billion in the quarter. The earnings release also showed average loans rose 12% and average deposits increased 10%. Management tied that growth to stronger execution after the asset cap came off, with Scharf highlighting momentum in checking accounts, credit cards, auto lending, wealth management and investment banking. He also said the company is deploying capital selectively rather than chasing volume indiscriminately. WFC reported earnings per share of $1.96, surpassing the Zacks Consensus Estimate of $1.73, while revenues of $22.62 billion exceeded the Zacks Consensus Estimate of $21.8 billion. This resulted in earnings and revenue surprises of 13.3% and 3.8%, respectively. However, the earnings call centered less on the quarter's beat and more on how Wells Fargo intends to sustain loan, deposit and fee growth. Wells Fargo & Company Price, Consensus and EPS SurpriseWells Fargo & Company Price, Consensus and EPS Surprise Wells Fargo & Company price-consensus-eps-surprise-chart | Wells Fargo & Company Quote WFC Ties Results to Broader Momentum Chief executive officer Charlie Scharf said revenue growth was broad-based, with every operating segment posting higher net interest income and non-interest income. He framed this as evidence that investments in talent, technology, marketing, AI and cyber defenses are beginning to show up more clearly in operating performance. Chief financial officer Michael Santomassimo added that second-quarter net income rose 17% year over year to $6.4 billion, while earnings per share (EPS) reached $2.00. Total revenues increased 9%, net interest income rose 5% and non-interest income climbed 13%. Management also pointed to balance-sheet growth as proof that the company is operating differently after the asset cap was lifted. Average loans rose 12% and average deposits increased 10% from a year ago. Story Continues Wells Fargo Defends the Margin Trade-Off The sharpest investor focus in the call was on net interest margin. Santomassimo said the margin slipped because Wells Fargo is deliberately growing lower-spread but profitable businesses, particularly interest-bearing deposits and financing activity inside markets. A UBS analyst pressed management on whether these were cyclical or structural pressures. Santomassimo said deposit costs should inch up in the second half as commercial and corporate interest-bearing balances continue to grow, while third-quarter margin compression should be modest, with stabilization expected in the fourth quarter. Scharf was more direct in defending the strategy. He said the margin pressure is not something happening to the bank but the result of choices intended to drive stronger client share, future noninterest-bearing deposits, and better trading and fee revenues over time. WFC Sees Consumer & Wealth Gains Scharf pointed to a steadier consumer franchise than Wells Fargo has shown in years. Consumer primary checking accounts have now grown year over year for 13 straight quarters, while new credit card accounts jumped 46% and mobile active users reached 33.7 million. He also said the company is willing to absorb near-term profitability pressure in cards because newer vintages carry upfront marketing, promotional, onboarding and reserve costs before seasoning into better returns over two to three years. Santomassimo echoed this point during the Q&A, saying profitability in cards should continue to improve over the next couple of years. Wealth also remained a bright spot. Wells Fargo said client assets rose 15% to more than $2.4 trillion, helped by market gains and positive net flows, while adviser retention and recruiting remained strong as the firm rolls out upgraded technology such as Advisor Gateway. Wells Fargo Presses Its Commercial Buildout In commercial businesses, the strongest tone came around corporate and investment banking. Scharf said the firm is seeing payoff from multiyear investments in senior bankers, product capabilities, and balance-sheet deployment, with banking revenue up 20% and markets revenue up 24%. He highlighted share gains in leveraged finance, equity capital markets and M&A, while describing the quarter as a record for investment banking fees. Santomassimo added that investment banking fees exceeded $900 million in the period. Asked by UBS about prime financing and investment banking opportunities, management said the pipeline remains strong and that clients want additional counterparties. Scharf stressed Wells Fargo is still early in building prime services, but sees a significant runway if it paces growth within its risk tolerance. WFC Q&A Tests Expenses, Credit & Capital Questions from Truist and Evercore focused on whether efficiency gains can continue. Santomassimo said the company still sees room to run with lower headcount, more automation and methodical streamlining in risk and regulatory functions, extending a 24-quarter streak of headcount reductions. Credit also drew scrutiny. In response to KBW and RBC, management said both consumer and commercial credit remain strong, with delinquencies running better than modeled and no meaningful broad-based deterioration across borrower cohorts. Net charge-offs fell to 0.34% of average loans. On capital, Santomassimo said the bank is comfortable operating within its 10% to 10.5% CET1 target range after ending the quarter at 10.3%. He said buybacks will continue to balance client growth, market risk and the eventual finalization of capital rules. Wells Fargo Keeps Its Return Ambition Management did not change its 2026 outlook. Santomassimo maintained guidance for net interest income of about $50 billion, plus or minus, and non-interest expense of about $55.7 billion, while saying second-half loan growth should be stronger than originally assumed. Scharf's closing tone was confident but disciplined. He said the bank remains focused on a sustainable 17-18% ROTCE target, with confidence rising as business trends broaden, even as Wells Fargo stays selective in a market where competitors are taking on more wholesale risk. Zacks Signals on WFC WFC carries a Zacks Rank #3 (Hold), which points to a more neutral near-term earnings revision picture than a Zacks Rank #1 (Strong Buy) or Zacks Rank #2 (Buy). Its Momentum Score of A stands out positively, while Value, Growth and VGM Score of D suggest weaker style characteristics in those categories. You can see the complete list of today's Zacks #1 Rank stocks here. Based on Zacks' framework, the strongest setups tend to combine a top Zacks Rank with Style Scores of A or B. A Rank #3 can still be held, but the current score mix indicates a more mixed near-term profile, and the Zacks Rank can change as analysts update estimates after the quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wells Fargo & Company (WFC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research View Comments
JPMorgan, Wells Fargo and other big banks explore how to sidestep debit swipe fee caps
Monkey Business Images/Shutterstock A handful of America's biggest financial institutions are investigating how they might be able to evade mandatory ceilings for certain charges — and, if they're successful, the public could soon be paying more for everyday transactions. While the fees in question aren't directly consumer-facing, they are a built-in part of every debit transaction, impacting everyone who pays for goods and services with a debit card or accepts debit as a form of payment at their place of business. Must Read Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here's what it is and 3 simple steps to fix it ASAP Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going Currently, when large banks process this form of payment, they charge vendors what is called an interchange or swipe fee, which is set at a maximum of $0.21 plus 0.05% of the purchase amount by law, plus a potential additional cent to cover the costs of fraud prevention (1). But, this limit only applies when payments go through a third party network (2). So, Wells Fargo, Bank of America, JPMorganChase and others are now exploring acquiring their own network to work around the rule that governs these commissions. How do interchange levies work? During a sale, a card network, such as Mastercard, acts as an intermediary between the merchant's and the customer's accounts, facilitating the smooth, quick and encrypted flow of funds. Without these networks, banks would need thousands of direct connections and agreements between one another. In every debit payment, the merchant pays one toll to the network itself for maintenance — called an assessment fee (3) — and another charge, the interchange fee, to the cardholder's bank (though it is also set by the network). This amount covers the institution's expenses and liabilities in providing the card and processing payments. Both fall under the wider umbrella of merchant discount fees for accepting debit and credit cards. But, as Capital One showed when it purchased Discover Financial Services in May 2025 (4), if banks own these systems themselves, they can bypass the legal framework that applies to network-routed transactions, including the limits on interchange rates. According to sources who spoke to The Wall Street Journal (5)this week, for this reason, each of the above mentioned brands have been assessing the feasibility of purchasing a network from payment solutions company Fiserv. Story Continues What would increased interchange fees mean for consumers? Interchange fee maximums were added as an amendment (6) to the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 to keep transaction commissions "reasonable" as debit rose to dominate payment types. The idea was to prevent consumers from shouldering high interchange levies, as when merchant's costs rise, their prices are likely to, as well (and surveys show this (7)). But, some argue that (6) the savings aren't always passed to shoppers, in part because interchange fees are only a portion of those that the vendor pays with every transaction. In addition, banks say (8) that the extra revenue from flexible interchange fees enabled them to offer savings to both merchants and consumers elsewhere, such as through rewards programs, which they've cut back on since the cap was implemented. "By regulating the interchange fee, the goal of the Durbin Amendment was to lower merchants' costs of accepting debit cards and to pass along the cost savings to consumers in terms of reduced retail prices. A few years after the regulation was in place, however, it is unclear how effectively the regulation has fulfilled its intention," states one 2014 study (7). That research also found that interchange limits had little impact on stores' debit restrictions, including minimum amounts to use debit, debit use surcharges or refusal to accept debit payments. Read More: Are you paying too much for car insurance? Here are 3 clever ways to slash your monthly bill "If a merchant imposed debit restrictions prior to the regulation, it is likely the merchant would continue to do so post-regulation," the paper says. This explains why some businesses don't accept, for example, American Express, which operates as both a card issuer and a card network. Still, experts do say consumers may end up feeling the difference if merchant-facing charges are hiked in this way. "For merchants, interchange fees play a large role in determining the expenses associated with each transaction a customer makes with them. Higher interchange rates mean increased transaction costs, potentially driving them towards increasing the prices of their products or services for consumers," warns business fintech platform Airwallex (9). Adam Rust, the director of financial services at the Consumer Federation of America, agrees. "This won't affect consumer protections… but the economics of it could be impactful because interchange costs are passed on to merchants and consumers. If these kinds of changes occur, it does set up the possibility of affecting what people are paying at the checkout," Rust told Moneywise. "It would be a win for big banks, but definitely a loss for merchants. What happens to consumers is less clear, but probably not great." Interchange prices aren't the only banking fee that's made headlines in recent weeks: in late June, one senator took banks to task for "unfair" overdraft fees (10) that generate billions for the sector each year by processing withdrawals before deposits. You May Also Like 'Gold still crashing!': Robert Kiyosaki admits he was wrong — but doubles down on his $35K prediction The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes Here's the average income of Americans by age in 2026. Are you keeping up or falling behind? When he dies, Warren Buffett said 90% of his wife's inheritance will go into a single investment. Here's why (and how you can do it too) Join 250,000+ readers and get Moneywise's best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now. Article Sources We rely only on vetted sources and credible third-party reporting. For details, see ourethics and guidelines. U.S. Federal Reserve (1); Stripe (2); Finix (3); Stripe Support (4); The Wall Street Journal (5), (8); Investopedia (6); Federal Reserve Bank of Richmond (7); Airwallex (9); Banking Dive (10) This article originally appeared on Moneywise.com under the title: JPMorgan, Wells Fargo and other big banks explore how to sidestep debit swipe fee caps This article provides information only and should not be construed as advice. It is provided without warranty of any kind. View Comments
Money Is Suddenly Rotating Into Financial Stocks. Here's What's Driving It -- and Whether the Move Lasts.
Key Points Profit margins on lending are remaining higher than expected. After being pent-up for years, several major companies are raising funds by going public. Investors are increasingly wary of most AI stocks and are seeking more reliable performers.10 stocks we like better than Bank of America › After a long stretch of subpar performance, financial stocks like Bank of America(NYSE: BAC), American Express(NYSE: AXP), and JPMorgan Chase(NYSE: JPM) are finally rallying. In fact, since the beginning of June, the State Street Financial Select Sector SPDR ETF(NYSEMKT: XLF) -- a tradeable proxy for the entire sector -- is up by more than 8%, while the S&P 500 is little changed That's in sharp contrast to the stocks that had been leading the market for so long. The Roundhill Magnificent Seven ETF(NYSEMKT: MAGS) is actually down by nearly 4% for the same time frame, held back by Alphabet and Microsoft. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » XLF data by YCharts. Connect the dots. Investors are swapping out their artificial intelligence (AI) holdings for money-related tickers. It's not terribly difficult to understand why. The question is, will this rotation out of more aggressive growth stocks and into less exciting financials last? Driving forces There's a handful of factors in play here, all of which are contributing to the rotation. Chief among these forces is interest rates. Although the baseline Fed Funds Rate is actually down from 2024's peak of more than 5%, at just over 3.5% right now, it's still higher than it's been for the better part of the past 17 years and now projected to linger "higher for longer" than expected just a couple of months ago. Indeed, that's arguably the biggest catalyst for these stocks' turnaround that materialized at the beginning of last month. While the Fed Funds Rate has fallen from two years ago, market-based interest rates on mortgages, automobiles, and credit card debt haven't fallen as much during this stretch. This means banks and other lenders are enjoying wider profit margins on their loans, as their cost of capital compared to what they're charging borrowers is measurably lower. In other words, being in the banking business is more profitable now than it's been in a while and is apt to remain so for the foreseeable future. We're already seeing this dynamic in the industry's recent results. For instance, Bank of America's net interest income rose 9% year over year in the first quarter on lower revenue growth. It would also be naïve to pretend the AI stocks that were once must-haves at almost any price have fallen, at least somewhat, out of favor. Oh, the AI revolution is still well underway to be sure. It's not been quite as revolutionary -- or even as practical for everyday use -- as initially expected. Yet, most of the major names in the business are still planning on spending hundreds of billions of dollars on AI infrastructure this year alone, with no clear guarantee this spending will be justified in the long run. Out of caution, many investors are quietly dialing back some of their exposure to AI technology stocks and seeking undervalued safer investments like JPMorgan and Bank of America. The former trades at only 15 times forward earnings, while Bank of America shares are dirt cheap at a forward price-to-earnings (P/E) ratio of a little more than 13, underscoring deep value for most of the financial sector. Meanwhile, after a bit of a dry spell, initial public offerings (IPOs) and acquisitions are higher than they've been in some time. Although Ernst & Young (EY) notes that the total number of worldwide IPOs was down slightly in the first half of 2026, the total amount of corporate capital raised during the first half of 2026 was up more than 200% year over year, led by SpaceX's recent record-breaking IPO. This underwriting of course generates fee revenue for the investment banks that sponsor these public offerings. Looking ahead But is this recent bullishness -- or its underpinnings -- built to last? Mostly, yes. Interest rates may hold up longer than had been recently anticipated. However, the Federal Reserve's Open Market Committee that largely sets the tone for all market-based interest rates still expects baseline rates to gradually drift somewhat lower through 2028. In theory, this works against lenders by narrowing profit margins on lending. In reality, a slow, measured decline in the Fed Funds Rate doesn't necessarily have to crimp lending profit margins. Borrowers may be more than satisfied with interest rates that are simply a little lower than today's. And as long as the domestic or global economy doesn't slip into a recession anytime soon (and the New York Federal Reserve now says there's only a 16% chance of this happening within the next 12 months), any such pressure on profit margins could be offset by continued economic expansion that powers loan demand. To this end, EY expects U.S. gross domestic product (GDP) to expand a serviceable 1.8% this year before accelerating to 1.9% next year. Meanwhile, the International Monetary Fund (IMF) believes worldwide GDP will rise 3% this year and then pick up its pace to 3.4% for 2027. That's a degree of economic strength that can really bolster banks' bottom lines. Image source: Getty Images. As for the capital markets sector, although it's difficult to predict a number or amount of mergers and acquisitions (M&A) or public offerings, IPOs from big AI companies like OpenAI and Anthropic are on the radar. Then there are the lesser ones that are also greater in number. These prospective IPOs include Databricks, Canva, and Shein, although sustained economic strength often draws out several unexpected public offerings as well. Although 2026 will likely end up being a banner year for capital markets that's tough to match in 2027, the year ahead should still be a good one for the investment banking business. So, yes, the newly rekindled strength in the financial sector is likely to last, led by investment banks and lenders that hadn't been performing particularly well of late -- as long as the economy remains reasonably healthy. Should you buy stock in Bank of America right now? Before you buy stock in Bank of America, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bank of America wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $398,160!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,249,202!* Now, it’s worth noting Stock Advisor’s total average return is 918% — a market-crushing outperformance compared to 209% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of July 15, 2026. Bank of America is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. James Brumley has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, American Express, JPMorgan Chase, and Microsoft. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Meta’s Sudden Stock Rebound Shows Investors Endorse AI Plans
(Bloomberg) -- In the span of just two weeks, Meta Platforms Inc. has gone from a market afterthought to one of its hottest stocks, as investors finally like what Facebook's parent is saying about its artificial intelligence plans. Most Read from Bloomberg Thailand Scraps Plan to End Visa-Free Entry for Indian Tourists Trump Drops 20% Fee for Hormuz Cargo After Gulf Pressure US Hits Iran With Strikes, Blockade as Trump Plans Hormuz Charge OpenAI's First Device Will Be Movable, Screenless Speaker Built as AI Companion 'We Faltered': IBM Plunges Most Since at Least 1968 on Miss The shares are up 17% in July, making them the third-best performer in the S&P 500 Index and on track for their best month since May 2025. That's a huge turnaround from June, when Meta dropped 11%, putting its performance near the bottom of the S&P 500. The stock is still only flat for the year, but that's a vast improvement from the first half, when it lost 15% and was among the weakest performers in Big Tech. The rally got started on July 1 when Bloomberg News reported that Meta was developing plans for a cloud-computing business, which sent the stock up 8.8% that day. Last week, Chief Executive Officer Mark Zuckerberg said Meta is considering renting some of its AI infrastructure to outsiders given the high demand for computing capacity. The social media giant also recently unveiled a new version of its AI model, Muse Spark 1.1, that includes a new paid tier for developers, the first time Meta has charged businesses to access its models. "If a catalyst starts to play out, a stock trading at a really depressed valuation like Meta, has more upside or can act more like a coiled spring," said John Belton, portfolio manager at Gabelli Funds, which owns Meta shares. To Belton's point, the selloff has made Meta's stock historically cheap. The shares are priced at about 16 times earnings estimated over the next 12 months, compared with their 10-year average of more than 20. It has the lowest valuation among the Magnificent Seven tech giants and trades at a discount to the S&P 500 and Nasdaq 100 indexes. In late June, Meta's multiple sank to around 13 times forward earnings. That's the lowest it has been at any point in its history other than during the inflation collapse in 2022 and early 2023, which also coincided with the launching of the company's controversial and expensive metaverse project. It's been a long slide for Meta's stock, which hit a high of $790 on Aug. 12, 2025, and proceeded to fall roughly 30% over the next 10 months, ending June around $563. Part of the decline was the result of a broader rotation in the market, where investors sold the shares of the big AI spenders, like Meta, and bought those of chipmakers, memory manufacturers and other companies that are benefiting from hundreds of billions of dollars in capital expenditures. Story Continues But the move also was specific to Meta. The company saw early signs of AI boosting advertising revenue, but it struggled to show how it would use the technology across its businesses. In addition, its large language model trailed competitors like OpenAI's ChatGPT and Anthropic's Claude. The trigger for the most recent leg lower was the company's last earnings report on April 29, when it raised its 2026 spending outlook in part because of additional data center costs and "higher component pricing." Then, a day later, Meta sold $25 billion of bonds to fund part of its AI spending. The announcements stoked investors' fears that Meta's heavy AI spending won't pay off. And it brought back memories of 2022, when Zuckerberg made a big bet on the metaverse that didn't pan out. Lack of Trust "The multiple compression had a lot to do with the lack of trust from the investment community on Meta," said Angelo Zino, head of the technology team at CFRA. Clearly, Wall Street was looking for signs that the company's AI plans were more concrete than simply throwing around money. Now that the results are starting to show promise, investors are finding reasons to buy the shares again. Wall Street is bullish on the company, with 73 of the 79 analysts tracked by Bloomberg who follow the stock giving it a buy-equivalent rating. The average price target of about $816 implies that the shares will rise more than 23% over the next 12 months. Meanwhile, Meta hasn't slowed its spending. This week, the company committed an additional $40 billion for a data center campus in Louisiana, bringing the expected total investment in the site to more than $250 billion. "There's the possibility that political pressure and societal pressure could slow down or even cut off some of these investments as jurisdictions push back on these buildouts," said Dan O'Keefe, lead portfolio manager of the Global Value team at Artisan Partners, which owns Meta shares. "So I think it's been the right call to front-end this massive investment, and I do see it generating returns for business." Investors will know more when Meta reports second-quarter results at the end of July. The company is expected to post 27% revenue growth and earnings per share that are essentially flat from a year ago. But as is so often the case, investors will be most eager for updates on where things are headed in AI and Meta's various businesses. "If you actually think about Meta here over the last couple years, they've probably monetized AI just about better than anybody within their core ecosystem," CFRA's Zino said. "And now being able to show some diversification on top of that, and new initiatives, especially with the valuation, that sets you up pretty nicely for a very strong rally here over the next couple of quarters." Tech Chart of the Day South Korean President Lee Jae Myung said the nation's stock market surged in a short period and would need time to stabilize, after his administration faced criticism for the extreme volatility blamed by some on leveraged products. Korean stocks have turned choppy in recent weeks, after a world-beating rally fueled by a pair of chipmakers made the $4 trillion market vulnerable to shifts in AI trade sentiment. Top Tech News ASML Holding NV lifted its annual sales forecast for the second time this year and laid out plans to increase production as a surge in artificial intelligence spending drives demand for the Dutch company's chip-making machines. OpenAI's much-anticipated push into consumer devices is slated to begin with a mobile, screen-free smart speaker designed to be a new type of home computer for the AI era, according to people familiar with the matter. Payment processing firm Stripe Inc. and private equity firm Advent International offered to buy fintech pioneer PayPal Holdings Inc. at a valuation topping $53 billion, Reuters reported, citing people familiar with the matter. International Business Machines Corp. shares slid the most in at least 58 years after the company reported preliminary second-quarter sales that fell short of expectations, attributing the miss to customers shifting their spending to chips and servers amid AI-fueled shortages. Earnings Due No major earnings expected --With assistance from Soo-Hyang Choi, Sangmi Cha and David Watkins. Most Read from Bloomberg Businessweek Credit Card Holders Are Using 'Friendly Fraud' to Get Back at Retailers Job Hunters Are Using AI to Cheat in Interviews, and Failing at the Office How Brands Sneak In Cheaper Ingredients to Protect Their Profit Margins The Shattering of the Middle East's Most Unlikely Friendship CoverGirl Stops Chasing Gen Z to Focus on Middle-Aged Women ©2026 Bloomberg L.P. View Comments
BlackRock Assets Cross $15 Trillion, Adding $192 Billion of Cash
(Bloomberg) -- BlackRock Inc. pulled in $192 billion of net client cash in the second quarter, with investors pouring money into exchange-traded funds and pushing total assets above $15 trillion for the first time. Most Read from Bloomberg Thailand Scraps Plan to End Visa-Free Entry for Indian Tourists Trump Drops 20% Fee for Hormuz Cargo After Gulf Pressure US Hits Iran With Strikes, Blockade as Trump Plans Hormuz Charge OpenAI's First Device Will Be Movable, Screenless Speaker Built as AI Companion 'We Faltered': IBM Plunges Most Since at Least 1968 on Miss Investors added $53 billion to actively managed funds on a net basis and revenue rose 31% from a year earlier to $7.1 billion, BlackRock said Wednesday in a statement. "Market fundamentals are strong and well supported, with higher margins and earnings momentum catalyzed by new technology," Chief Executive Officer Larry Fink said in the statement. BlackRock pulled in record net inflows of $321 billion for the first half of the year, the company said. Net flows to long-term investment funds were $199 billion, beating the $170 billion average estimate of analysts surveyed by Bloomberg. BlackRock's ETF business took in $178 billion, accounting for the vast majority of new money flowing into the firm, while cash and money-market funds lost $7 billion in net money. BlackRock's adjusted earnings per share in the quarter rose 15% from a year ago to $13.91. That beat the average analyst estimate of $12.66. The money manager reported 8% growth in organic base fees, a metric that rises as more customers favor higher-fee products. Private markets vehicles, systematic funds and actively managed ETFs all deliver juicier fees than index funds. The second quarter was the eighth consecutive three-month period in which the firm reported 5% or higher growth. Long a dominant player in stocks, bonds and public markets, BlackRock is in the midst of transforming itself into one of the largest firms as well in private credit and infrastructure markets — including by buying credit firm HPS Investment Partners for $12 billion in 2025. BlackRock said fees tied to the HPS deal helped drive the increase in revenue. BlackRock took in $22 billion in liquid alternative and private assets in the quarter compared with $14.6 billion in the prior quarter. Private markets accounted for $15.4 billion of the alternatives flows in the period. Shares of BlackRock fell 4.2% this year through Tuesday, trailing the 10.2% increase of the S&P 500 index. Most Read from Bloomberg Businessweek Story Continues Credit Card Holders Are Using 'Friendly Fraud' to Get Back at Retailers Job Hunters Are Using AI to Cheat in Interviews, and Failing at the Office How Brands Sneak In Cheaper Ingredients to Protect Their Profit Margins The Shattering of the Middle East's Most Unlikely Friendship CoverGirl Stops Chasing Gen Z to Focus on Middle-Aged Women ©2026 Bloomberg L.P. View Comments
IBM Plunged After Issuing a Warning on the Software Sector. Time to Buy?
Key Points IBM's revenue growth slowed to a crawl in Q2 due in large part to hardware costs crowding out software spending. Even after the decline, IBM's total returns have outperformed the S&P 500 during Arvind Krishna's time as CEO. The stock's P/E ratio has fallen to a multiyear low. 10 stocks we like better than International Business Machines › International Business Machines (NYSE: IBM) just experienced one of the largest one-day declines in its history. That 25% drop on Tuesday came after CEO Arvind Krishna admitted that high capital expenditures on hardware had caused many companies to shift budgets away from software spending. Such a sharp reaction from the market will understandably leave many investors wondering how to react. However, there are good reasons to treat this plunge as a buying opportunity. Missed Nvidia in 2009? This Rare Signal Is Flashing Again.In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » Image source: The Motley Fool. Why IBM sold off Admittedly, the negative reaction to Krishna's statement was understandable. According to IBM's preliminary Q2 results, the company's revenue grew by just 1% year over year. That is well below its 9% increase in Q1 and brought revenue growth down to levels comparable to where IBM was before Krishna shifted the company's focus to the cloud and AI. Software is now IBM's largest business segment, accounting for almost 45% of the company's revenue in the first quarter. Additionally, the software segment's annual growth rate fell from 11% in Q1 to just 5% in Q2. Moreover, while IBM still operates an enterprise hardware business, its infrastructure segment experienced a 7% annual revenue decline in Q2. Hence, it does not appear to have benefited from the boom in hardware spending. Why investors should stay confident Nonetheless, the one benefit to investors is that the drop in this tech stock seems to have instantaneously priced in this particular challenge. IBM's P/E ratio is now just 19, near its multiyear low. As recently as last fall, its earnings multiple was above 40, so this pullback represents a considerable discount. Moreover, under Krishna's leadership, IBM's total returns have outpaced the S&P 500, indicating that he has earned investors' confidence during his six-year tenure as the head of the company. IBM Total Return Level data by YCharts. Also, not all of the news in the preliminary report was negative. Red Hat's year-over-year revenue growth in Q2 was 11%, indicating that bright spots remain in IBM's software business. Furthermore, the U.S. government is betting billions on quantum computing, and IBM has long led the way in that technology. Amid its partnership with the government, IBM in May announced plans for the construction of Anderon, the first pure-play foundry to build quantum wafers. In addition to the $2 billion investment in the foundry ($1 billion of which came from CHIPS Act funds), it plans to invest $10 billion in quantum technology over the next five years. Such investments greatly increase the odds that IBM will be a major player in a technology that's likely to drive innovation for years to come. Buy IBM stock The struggles in the software sector and IBM's 1% revenue growth in Q2 are likely to continue weighing on the stock in the near term. Fortunately, despite the sell-off, IBM stock has prospered under Krishna, and it appears that it is on track to continue outperforming in the longer term. Additionally, the continued success of Red Hat and its investments in quantum computing should serve IBM well in the coming years. With this growth story now on sale at just 19 times earnings, Tuesday's stock price plunge could be a blessing in disguise for new investors. Should you buy stock in International Business Machines right now? Before you buy stock in International Business Machines, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and International Business Machines wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $398,160!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,249,202!* Now, it’s worth noting Stock Advisor’s total average return is 918% — a market-crushing outperformance compared to 209% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of July 15, 2026. Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends International Business Machines. The Motley Fool has a disclosure policy. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Boehringer Ingelheim reports first-half 2026 sales growth, driven by JARDIANCE® and new product launches in the U.S.
Strong U.S. demand and new product launches drive first-half sales in Human PharmaNet sales reach EUR 15.8 billion, led by JARDIANCE® and successful U.S. launchesPositive Phase III data for survodutide and pipeline progress strengthen long-term outlook Boehringer Ingelheim reported continued sales growth in the first half of 2026, driven by strong growth in the U.S. due to increased demand for JARDIANCE® (empagliflozin) and successful new launches. Group net sales increased by 16.2%* to EUR 15.8 billion, with Human Pharma contributing EUR 13.1 billion and Animal Health EUR 2.6 billion. Shashank Deshpande, Chairman of the Board of Managing Directors and Head of Human Pharma, Boehringer Ingelheim said: “The strong uptake of our new products JASCAYD® and HERNEXEOS® show the value of the scientific innovation behind these medicines for patients, bringing real progress in areas with significant unmet medical need. In an era of accelerated medical discovery, where the boundaries of what is possible are continuously expanding, innovation-friendly environments such as the United States play a critical role in ensuring new therapies reach patients more rapidly.” Frank Hübler, Member of the Board of Managing Directors responsible for Finance, added: “Our business results show that, in Human Pharma and Animal Health, we successfully navigated a challenging macroeconomic environment and political uncertainties. We remain focused on delivering innovative medicines to patients and animals worldwide. Looking ahead, we need to direct our long-term investments to where they are closest to our growth markets and where they can create the best possible impact for patients. This also includes engaging with governments around the globe to create an environment that appropriately recognizes the value of innovative medicines and ensures patient access.” Human Pharma: Growth supported by key launches Human Pharma sales grew 20.1%* to EUR 13.1 billion, supported by the new product launches. Established products such as JARDIANCE® for the treatment of chronic kidney disease, type 2 diabetes and heart failure remained major growth drivers, contributing EUR 5.7 billion in net sales in the first half of the year. The positive development of JARDIANCE® was supported by a large and growing patient base, as well as changes in the U.S. pricing and reimbursement environment, which drove significant volume growth. This trend is in line with Boehringer’s commitment to ensuring continued patient access and affordability. Without the JARDIANCE® volume effect, the growth of the Human Pharma Business Unit in the first six months would have been in line with the overall pharma market. The company also saw a successful uptake of its most recent product launches, JASCAYD® (nerandomilast) and HERNEXEOS® (zongertinib), particularly in the U.S., as both medicines were able to gain significant traction thanks to the innovation-friendly climate in the U.S. but also in China and Japan. Streamlined processes as well as stronger incentives for innovation in these geographies paved the way for swiftly making these breakthrough medicines available to patients. JASCAYD®, for the treatment of idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), saw a strong uptake reflecting the urgent need for new treatment options in a disease area that has seen limited therapeutic progress for many years. Following approvals in the United States, China and Japan, as well as Thailand, the United Arab Emirates, the UK and Brazil, JASCAYD® is awaiting EU approval from the European Medicines Agency (EMA). HERNEXEOS®, an oral treatment for HER2-mutant advanced non-small cell lung cancer, marked the company’s successful re-entry into oncology after ten years with launches in the U.S., China and Japan. The company expects that HERNEXEOS® will be available for European patients only from 2028 after Phase III data becomes available. Boehringer continued to advance its late-stage pipeline programs during the first half of 2026, realizing significant progress in oncology and cardio-renal-metabolic diseases. Positive Phase III data for survodutide demonstrated the medicine’s potential to address metabolic and liver health in addition to overweight and obesity. Progress with a next-generation triple agonist underlines Boehringer’s ambition to build a broad obesity and metabolic health portfolio. At the same time, Boehringer Ingelheim initiated three Phase III oncology trials, reinforcing its goal to expand precision cancer care. The company also advanced key assets such as obrixtamig, an experimental cancer immunotherapy, and apecotrep, an investigational drug targeting kidney disease. Research momentum also continued to be strong, with five new compounds entering clinical trials. The Boehringer Human Pharma R&D pipeline spans around 80 projects. Animal Health: Focus on new launches and emerging disease outbreaks response The Animal Health business reported net sales of EUR 2.6 billion in the first six months of 2026, a 0.4%* increase compared to the previous year. The performance reflected a modestly growing animal health market, with increased consumer price sensitivity and fewer veterinary visits in several countries. The company continues to execute its 2026 launch plan, including LENZELTA®, a new vaccine that advances mastitis prevention in dairy cows and has launched in several EU countries, and Eko Vet+™ | CANINEBEAT® AI, an AI-based solution that helps detect heart murmurs in dogs and has already launched in the U.S., the UK and Germany. Boehringer Ingelheim also continues to support responses to emerging animal disease outbreaks, including New World screwworm in the U.S., after receiving Emergency Use Authorizations (EUAs) earlier this year from the U.S. Food and Drug Administration. The company continues to progress its R&D pipeline in Animal Health, with strong candidates across infectious and non-infectious diseases as well as parasiticides, building a solid innovation foundation for the future in pets, equine, and livestock animals. Outlook Looking ahead, Boehringer expects that uptake of recent launches, upcoming pipeline milestones, and ongoing investments in innovation will support performance for the remainder of the year and beyond. At the same time, the company will remain focused on navigating a dynamic external environment while maintaining a balanced and disciplined approach to growth. Boehringer Ingelheim Boehringer Ingelheim is a biopharmaceutical company active in both human and animal health. As one of the industry’s top investors in research and development, the company focuses on developing innovative therapies that can improve and extend lives in areas of high unmet medical need. Independent since its foundation in 1885, Boehringer takes a long-term perspective, embedding sustainability along the entire value chain. Our approximately 54,300 employees serve over 130 markets to build a healthier and more sustainable tomorrow. Learn more at www.boehringer-ingelheim.com.
Bank of Montreal (TSX:BMO) Stock Looks Fully Priced On Its 156% Run
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. After a 155.8% total return over the past 5 years, Bank of Montreal stock now trades at levels where the Excess Returns intrinsic value estimate and market multiples both point to pricing that looks broadly in line with fundamentals rather than clearly cheap. At the same time, the bank carries a low overall value score, which suggests the current valuation leaves less room for error than in the past. Over 5 years, Bank of Montreal has returned 155.8%, which puts today's valuation in the context of a long and strong run already behind existing shareholders. New initiatives such as BMO Insurance's AI enhanced SmartDecision underwriting tool can support expectations for earnings durability, while questions around how long current sector valuations can be maintained remain a key risk for the stock's pricing. Bank of Montreal passes only 1 of 6 valuation checks, so on a broad set of metrics it leans more expensive than outright bargain. The issue now is whether Bank of Montreal's recent share price level already reflects most of the good news, or if there is still enough valuation support for further upside. Find out why Bank of Montreal's 70.6% return over the last year is lagging behind its peers. Where Does Bank of Montreal Sit on Excess Returns? The Excess Returns model looks at whether Bank of Montreal is earning more on its equity than the return investors require. Here, analysts expect stable earnings power of about CA$15.83 per share on a stable book value base of roughly CA$119.10 to CA$119.96 per share, with an average forecast return on equity of 13.29%. Against an estimated cost of equity of CA$9.26 per share, the model calculates excess return of CA$6.57 per share and rolls that forward to an intrinsic value estimate of about CA$255.83 per share. With the stock recently around CA$254.46, Bank of Montreal screens as only about 0.5% undervalued, suggesting the current price already aligns closely with the equity return assumptions built into the Excess Returns model. The recent 40% share price gain highlighted in coverage of the Big Six banks helps explain why the market is no longer pricing in a large margin of safety versus intrinsic value. Overall, the Excess Returns workup indicates that Bank of Montreal stock now appears roughly fairly valued, with only a slight tilt toward undervalued on this model. Bank of Montreal is fairly valued according to our Excess Returns, but this can change at a moment's notice. Track the value in your watchlist or portfolio and be alerted on when to act. Story Continues BMO Discounted Cash Flow as at Jul 2026 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Bank of Montreal. Does Bank of Montreal Look Fairly Valued on Earnings? P/E is usually one of the clearest ways to compare large, established banks like Bank of Montreal, because earnings are a key anchor for both dividends and long term value. Bank of Montreal currently trades on a P/E of about 19.2x, compared with an industry average of roughly 11.6x and a peer average of 18.2x. This places the stock at a modest premium to both the broader banking group and its closest competitors. The Fair Ratio estimate for Bank of Montreal, which adjusts for its size, margins and risk profile, sits at about 18.6x. That is only slightly below the current 19.2x, so the gap is small and does not point to a clear discount or a stretched premium. Instead, it indicates that today's P/E is broadly aligned with what this framework suggests investors might be willing to pay for the bank's earnings. Overall, Bank of Montreal appears roughly fairly valued on its P/E multiple, with pricing that sits close to the model's view of an earnings-based valuation.TSX:BMO P/E Ratio as at Jul 2026 See what the numbers say about this price — find out in our valuation breakdown. The Bank of Montreal Narrative: What Would Justify Today's Price? Simply Wall St Narratives for Bank of Montreal pick up where this valuation puzzle leaves off by spelling out which paths for Bank of Montreal's growth, margins and earnings would need to play out for the stock to be worth meaningfully more or less than it is today. Each Narrative ties a fair value range to a clear story about Bank of Montreal's potential catalysts and main risks, so you can see over time which version of events is actually unfolding on the Community page. Share a narrative on Bank of Montreal to present a number-driven case around its valuation, including an assessment of whether developments like BMO Insurance's AI-enhanced SmartDecision tool support the current pricing, and then track how that thesis holds up as new results arrive. Do you think there's more to the story for Bank of Montreal? Head over to our Community to see what others are saying! The Bottom Line For Bank of Montreal, the Excess Returns intrinsic value estimate and the P/E based fair ratio both point to pricing that looks broadly in line with what current earnings and returns on equity support. The slight discount in the intrinsic value workup is tempered by weaker results on wider valuation checks, which do not suggest a clear bargain. From here, the real swing factor is whether Bank of Montreal can keep earnings power and returns on equity close to current expectations without needing the market to pay a higher multiple than it already does. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BMO.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com View Comments
JPMorgan Chase (JPM) Stock Trades At A Discount To Fair Value But At A Premium On Earnings
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. JPMorgan Chase stock has returned about 160% over the past 5 years, yet the latest valuation work suggests a mixed picture, with the Excess Returns intrinsic value estimate pointing to meaningful upside while the broader checks do not flag the shares as a clear bargain. Over 5 years, JPMorgan Chase has delivered a total return of roughly 160%, which means anyone looking at the stock today is assessing it after a strong multiyear run rather than from a depressed base. Record profitability supported by trading and investment banking, together with heavy investment in AI and technology, can support confidence in future cash generation, but management itself is highlighting risks around inflation, elevated asset prices and broader economic vulnerabilities that may limit how much investors are willing to pay for that growth. On Simply Wall St's broader valuation checks, JPMorgan Chase passes only 2 of 6. This suggests the stock does not screen as obviously cheap even though the intrinsic value estimate indicates it may be trading at a discount. For investors, the debate is whether JPMorgan Chase's current share price already reflects its strong track record and recent news flow or whether the intrinsic value estimate pointing to potential undervaluation still leaves room for further upside. Find out why JPMorgan Chase's 22.0% return over the last year is lagging behind its peers. Is JPMorgan Chase a Bargain on Excess Returns? The Excess Returns model looks at how much profit JPMorgan Chase can generate on its equity above the return investors require, then capitalizes that stream. For JPMorgan Chase, the inputs assume a stable earnings power of $25.60 per share on a Stable Book Value of $149.03 per share, with analysts expecting an average Return on Equity of 17.18%. Against an implied Cost of Equity of $11.85 per share, that leaves an Excess Return of $13.75 per share, which is what drives most of the intrinsic value. On these assumptions, the Excess Returns model points to an intrinsic value of about $460.81 per share, which is roughly 25.6% above the current share price, so the stock screens as undervalued. The recent record $21.2b Q2 profit, supported by strong trading and investment banking, helps explain why the model can support such a high earnings base, even as management continues to flag macro and market risks. Taken together, the Excess Returns work suggests JPMorgan Chase looks undervalued relative to the earnings power implied by its current and projected returns on equity. Story Continues Our Excess Returns analysis suggests JPMorgan Chase is undervalued by 25.6%. Track this in your watchlist or portfolio, or discover 44 more high quality undervalued stocks.JPM Discounted Cash Flow as at Jul 2026 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for JPMorgan Chase. Is JPMorgan Chase Fairly Priced on Earnings? P/E works well for JPMorgan Chase because earnings are a key focus for bank investors. The stock currently trades on a P/E of 16.0x, compared with about 12.2x for the wider Banks industry and a peer average of 14.3x, so investors are paying a clear premium to the sector. The fair P/E ratio implied by the model is 15.7x, only slightly below where JPMorgan Chase trades today. That small gap suggests the current valuation is broadly in line with what you might expect once size, profitability profile and risk factors are taken into account, even after the strong Q2 profit headline. On balance, JPMorgan Chase looks priced roughly fairly on its P/E multiple rather than clearly cheap or expensive.NYSE:JPM P/E Ratio as at Jul 2026 See what the numbers say about this price — find out in our valuation breakdown. The JPMorgan Chase Narrative: What Would Justify Today's Price? Simply Wall St Narratives pick up where the earlier valuation work on JPMorgan Chase leaves off. They spell out which paths for growth, margins and earnings would need to play out for the stock to be worth materially more or less than it is today on the market. Rather than stopping at a single model output, each narrative sets out the assumptions behind its fair value so you can revisit them against JPMorgan Chase's reported results over time on the Community page. The community is split on JPMorgan Chase, with one camp focused on upside from technology and payments growth and the other focused on credit costs and regulation. Bull case: 11% undervalued "The firm's first-mover advantage in tokenized deposits, stablecoins, and blockchain-based payments creates the foundation for new high-margin revenue streams and fintech partnerships." Read the full Bull Case to see why JPMorgan Chase could be undervalued Bear case: 15% overvalued "JPMorgan Chase's increase in allowance for credit losses to $27.6 billion, driven by heightened downside risks and elevated weighted average unemployment rate projections, suggests challenges ahead." Read the full Bear Case to see why JPMorgan Chase could be overvalued Do you think there's more to the story for JPMorgan Chase? Head over to our Community to see what others are saying! The Bottom Line For JPMorgan Chase, the Excess Returns intrinsic value estimate points to meaningful undervaluation, while the P/E work suggests the stock is priced about right relative to peers. That gap largely reflects a model that leans on sustained return on equity and cash generation versus a market view that already pays a premium for the bank's scale and earnings profile. With broader valuation checks scoring weakly, the key question is whether JPMorgan Chase's profitability and risk management justify treating the apparent discount as an opportunity or whether the market is correctly pricing in macro and regulatory pressures from here. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include JPM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com View Comments
July Harvard Caps / Harris Poll: Trump Approval Sees No Change at 42% with Inflation Still Top Concern
CONGRESSIONAL HORSERACE TIED AT 50-50 73% OF VOTERS SUPPORT U.S. MILITARY AND ECONOMIC FORCE IF IRAN DOES NOT GIVE UP CONTROL OF THE STRAIT OF HORMUZ 78% OF VOTERS FAVOR FREE ENTERPRISE OVER SOCIALISM BUT A MAJORITY HOLDS THE MISCONCEPTION THAT RIGHTS, BUSINESS, AND HOME OWNERSHIP ARE GUARANTEED UNDER SOCIALISM 50% OF VOTERS BELIEVE PRICE INCREASES CAUSED BY TENSIONS WITH IRAN WILL BE SHORT-TERM, AN 8-PT. IMPROVEMENT FROM MAY 69% OF VOTERS SUPPORT MEDICARE FOR ALL 82% OF VOTERS SAY AI HAS SOCIAL DANGERS, CITING JOB LOSS AND POWER USAGE AS TOP CONCERNS TWO-THIRDS OF VOTERS SAY THE U.S. SHOULD SLOW DOWN ON AI DEVELOPMENT, WITH 53% MORE LIEKLY TO SUPPORT CANDIDATES WHO FAVOR A SLOWDOWN 74% OF VOTERS ARE PROUD TO BE AN AMERICAN TODAY, WITH THREE-QUARTERS OF AMERICANS SAYING THEY ARE LIVING OR WILL ACHIEVE THE AMERICAN DREAM NEW YORK AND CAMBRIDGE, MA / ACCESS Newswire / July 14, 2026 / Stagwell (NASDAQ:STGW) today released the results of the July Harvard CAPS / Harris poll, a monthly collaboration between the Center for American Political Studies at Harvard (CAPS) and the Harris Poll and HarrisX. President Donald Trump's approval rating is at 42%. His job approval is highest on immigration (49%) and fighting crime (47%); and lowest on handling inflation (35%) and managing the Iran conflict (38%). This month's poll also covered public opinion on the economy, midterms, socialism, healthcare, AI, the Supreme Court, sentiments toward America and American identity, and conflicts in the Middle East. Download the key results here. "Trump's approval continues to be flat as voters want to see an end to inflation," said Mark Penn, Co-Director of the Harvard CAPS / Harris poll and Stagwell Chairman and CEO. "Meanwhile, on the country's 250th anniversary, most voters are proud to be American, see freedom as a defining value, and favor free enterprise - but they hold misconceptions that those rights are guaranteed under socialism." ECONOMY AND INFLATION REMAIN TOP PRIORITIES FOR VOTERS 35% of voters say the U.S. is on the right track, and 33% say the same about the U.S. economy. Of key institutions, voters have the most favorable view of the U.S. military (+58 net favorable) and the United States (+56), and the least favorable view of communism (-55), and Iran (-51). Inflation and the economy remain voters' top concerns, though inflation ticked down in salience (-4 pts., May 2026) as did the U.S.-Iran conflict (-4) and the federal budget deficit (-3). Race relations ticked up in salience (+3). Story Continues MORE VOTERS BELIEVE IRAN-INDUCED INFLATION IS TEMPORARY BUT STILL THINK IT IS ABOVE 3 PERCENT 50% of voters say the economy is better today than it was when Biden was president (+6). 50% of voters believe price increases caused by tensions with Iran will be short-term and come back down quickly (+8). 67% of voters say the U.S. should prioritize energy independence to avoid global price shocks (-6). 58% of voters believe the economy is shrinking, while 77% of voters think inflation is above 3 percent a year. MAJORITY OF TRUMP POLICIES CONTINUE TO SEE STRONG SUPPORT INCLUDING VOTER ID REQUIREMENTS AMONG THE MOST SUPPORTED 11 out of 13 key Trump policy positions continue to see majority support. His most popular policies are lowering prescription drug prices (86% support), deporting illegal immigrants who have committed crimes (79%), and requiring proof of citizenship to vote (70%). Trump's least popular policy positions include placing a 15% tariff on imports from all countries (39%), eliminating mail-in voting (49%), and deporting all illegal immigrants (55%). CONGRESSIONAL HORSERACE AT A TIE WITH HARRIS AND VANCE LOSING GROUND BUT STILL THE FRONTRUNNERS FOR 2028 PRESIDENTIAL ELECTION 70% of voters say they are planning to vote in the upcoming 2026 Congressional midterm elections (-3, May 2026; Democrats: 63%; Republicans: 59%; Independents: 37%) The horserace is split 50-50 among general voters, with Democrats holding a 2-pt. lead among likely midterm voters. 68% of voters have thought about the upcoming 2028 presidential election. Kamala Harris (-7) and J.D. Vance (-3) remain the most favored candidates for president among voters from their respective parties. MOST VOTERS FAVOR FREE ENTERPRISE OVER SOCIALISM AND DID NOT BELIEVE GRAHAM PLATNER WAS A QUALIFIED CANDIDATE 78% of voters say we are better off with free enterprise instead of socialism. 83% say the future of the country should continue to be a mix of capitalism with social welfare programs rather than a fully socialist system, including a majority across political parties. Large majorities of voters prefer a system of government where people can start their own businesses (88%), own homes (88%), earn money based on merit and work (88%), and practice their freedom of speech and religion rights as citizens without them being taken away (77%). 79% of voters personally feel they live in a country that rewards hard work with opportunity. A majority of voters believe that under socialism, people can own homes (60%), businesses (57%), and practice freedom of religion and speech rights (59%). 62% of voters think socialism in other countries has mostly devolved into harsh dictatorships (Democrats: 51%; Republicans: 68%; Independents: 65%). 66% of voters believe Graham Platner was an unqualified candidate for the U.S. Senate, including a majority across political parties. 74% of voters believe supporting candidates with Nazi tattoos is evidence of antisemitism. MAJORITY OF VOTERS SUPPORT MEDICARE FOR ALL DESPITE BEING SATISFIED WITH THEIR OWN COVERAGE RIGHT NOW 69% of voters support Medicare for All, including a majority across political parties. 58% of voters believe all healthcare is paid for by the government under Medicare for All but 57% believe private insurers would still exist. 42% of voters believe medical care will get worse if the government pays for health insurance, while 38% say it will improve. 58% of voters say the current Medicare system is working, and 55% say the same about Medicaid. 78% of voters approve of Medicare Advantage accounts. 72% of voters say they are personally happy with their coverage, including a majority across political parties. MORE THAN HALF OF AMERICANS USE AI DAILY BUT MANY ARE CONCERNED ABOUT NEGATIVE SOCIAL IMPACTS, CALLING FOR A SLOWDOWN IN AI DEVELOPMENT 57% of voters say they personally use AI, with 56% of AI users using it daily. Voters are split 50-50 on whether they find AI amazing, but 67% say we need to slow down the rush on AI, including a majority across political parties. 68% of voters say the U.S. should slow down AI development until there are stronger safeguards in place. 60% of voters say AI is a huge advancement. 57% say it is more likely AI will degrade society and create mass unemployment than create added value and productivity. Job loss (41%) and power usage (30%) are viewed as the primary dangers. 56% of employed voters believe their employment is currently not at risk from AI and automation. 62% of voters say data centers use too much energy and water and provide too few benefits to local communities, including a majority across political parties. 53% of voters say they would oppose a data center in their own neighborhood (Support: 25%), and the same share say such a facility should not be allowed near them even if the company provides local jobs, benefits, and protections. 53% of voters, a plurality, say they are more likely to support a candidate who supports slowing down on AI development (No impact: 31%; Less likely: 15%). VOTERS TRUST SUPREME COURT TO UPHOLD THE CONSTITUTION EVEN WHEN THEY DON'T FAVOR ITS DECISIONS 79% of voters say the Supreme Court should defend the Constitution regardless of public opinion. 66% of voters favor the Supreme Court's decision to uphold birthright citizenship (Democrats: 83%; Republicans: 48%; Independents: 68%). 67% believe it followed the Constitution and law, including a majority across political parties. 63% of voters favor the ruling that states should decide their own mail-in ballot rules. 52% of voters favor the ruling that the President may hire and fire commissioners to agencies at will, with 57% believing it followed the law. 65% of voters favor the ruling that the Federal Reserve is an exception to general rule and members can only be removed for cause. 51% of voters oppose the ruling that state legislatures are allowed to redraw districts, with 57% believing it followed the law. 76% of voters favor the ruling that race cannot be taken into account when making congressional districts. MOST VOTERS PROUD TO BE AMERICAN TODAY, CHAMPIONING FREEDOM AS A DEFINING VALUE AND SOURCE OF PRIDE 74% of voters are proud to be an American today, including a majority across political parties. Freedom (75%) and peace (59%) are the most defining American values for voters across political party lines. Views differ on the importance of equality, democracy, patriotism, and diversity as American values. Freedom and rights (69%) is the strongest source of American pride among voters, with democracy (47%) as the second-highest ranking quality. Voters say healthcare costs (52%), gun violence (48%), and lack of affordable housing (46%) are the top three worst parts about living in America. 75% of voters believe they are living or will achieve the American Dream, including a majority across political parties. 51% of voters believe America should be proud of where it is as a country today. But 61% believe America's best days are ahead (Democrats: 50%; Republicans: 75%: Independents: 56%). 67% of voters say the U.S. is the greatest country in the world, including a majority across political parties. U.S.-IRAN MOU VIEWED AS A WIN FOR AMERICA BUT A MAJORITY BELIEVES IRAN IS IN VIOLATION OF THE TERMS 69% of voters say they are following developments in the U.S., Israel, and Iran conflict closely, including a majority across political parties and age groups. 50% have heard of the U.S.-Iran memorandum of understanding (MOU) signed on June 17. 65% of voters believe the terms of the MOU are better for the U.S., with 71% viewing it as about the same or better than the 2015 Iran Deal. 70% of voters believe Iranians are working to buy time, not serious with their negotiations. 66% believe they are in violation of the terms in the MOU. 68% of voters say Iran should not be allowed to control the Strait of Hormuz. 73% say the U.S. should resume use of force, sanctions, and blockades if Iran does not give up control of the Strait. 61% of voters say U.S. military response to Iran firing on commercial ships was justified, including a majority across political parties. 64% believe the U.S. has the upper hand in negotiations. 51% of voters oppose Trump's handling of the Iran conflict so far. 41%, a plurality, say his handling of the conflict makes them more likely to vote Democrat in the upcoming midterm elections (+2). MAJORITY OF VOTERS CONTINUE TO SUPPORT ISRAEL OVER HAMAS; BELIEVE TERRORIST GROUPS ARE ACTIVELY TRYING TO DESTROY IT 73% of voters continue to support Israel over Hamas. 77% of voters believe there are terrorist groups on the borders of Israel today, including a majority across political parties and age groups. 43%, a plurality, believe the groups are trying to destroy Israel. 70% of voters say Hezbollah should be required to disarm as part of a long-term peace agreement between Israel and Lebanon. 76% of voters say Israel has a right to exist as the Jewish homeland, and 56% believe Israel should be defined as a Jewish state. Israel is viewed most favorably among key Middle East countries (49%), while Iran is viewed least favorably (54%). The July Harvard CAPS / Harris poll survey was conducted online within the United States on July 11-12, 2026, among 1,776 registered voters by The Harris Poll and HarrisX. About The Harris Poll & HarrisX The Harris Poll is a global consulting and market research firm that strives to reveal the authentic values of modern society to inspire leaders to create a better tomorrow. It works with clients in three primary areas: building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. One of the longest-running surveys in the U.S., The Harris Poll has tracked public opinion, motivations, and social sentiment since 1963, and is now part of Stagwell, the challenger holding company built to transform marketing. HarrisX is a technology-driven market research and data analytics company that conducts multi-method research in the U.S. and over 40 countries around the world on behalf of Fortune 100 companies, public policy institutions, global leaders, NGOs and philanthropic organizations. HarrisX was the most accurate pollster of the 2020 U.S. presidential election. About the Harvard Center for American Political Studies The Center for American Political Studies (CAPS) is committed to and fosters the interdisciplinary study of U.S. politics. Governed by a group of political scientists, sociologists, historians, and economists within the Faculty of Arts and Sciences at Harvard University, CAPS drives discussion, research, public outreach, and pedagogy about all aspects of U.S. politics. CAPS encourages cutting-edge research using a variety of methodologies, including historical analysis, social surveys, and formal mathematical modeling, and it often cooperates with other Harvard centers to support research training and encourage cross-national research about the United States in comparative and global contexts. More information at https://caps.gov.harvard.edu/. Contact: Carrie Hsu pr@stagwellglobal.com SOURCE: Stagwell View the original press release on ACCESS Newswire View Comments
Busey, Dukeman Agree to Contract Extension
LEAWOOD, Kan., July 14, 2026 (GLOBE NEWSWIRE) -- First Busey Corporation (FBC) announced on Tuesday, July 14 that Chairman, President and CEO Van Dukeman will continue to lead the company and Busey Bank as CEO through July 1, 2029, per a letter agreement with the company. Dukeman will also continue to serve as Chairman and President of FBC, and as Chairman of the board of directors of Busey Bank. The contract extension formally reaffirms Dukeman’s commitment to Busey and continuing to earn the right to keep the organization independent. “This is an incredibly exciting time for our company,” Dukeman said of his decision to extend his term as Chairman and CEO with Busey. “Profitability is strong with our hallmark, quality balance sheet, valuable core deposit franchise and wealth management practice along with a disciplined relationship banking strategy. We are laser focused on executing our go-to-market strategy through our unique regional operating model, with a demonstrated commitment to Busey’s diverse geographic footprint that includes 80 locations across 10 states.” Dukeman has led Busey since 2007 when he was named President and CEO following the merger of equals with Main Street Bank and Trust, where he served as President and CEO from 1998 to the time of the Busey merger—in sum over 28 years as the CEO. Under his leadership, Busey has grown from $4 billion to more than $18 billion in assets over the last two decades through organic growth and by executing on a sequence of nine strategic acquisitions—resulting in transformational, intentional growth for Busey’s banking and wealth management services. Under Dukeman’s direction, Busey has built a full-scale commercial bank with a powerful combination of banking, wealth management and payments offerings—providing a full suite of financial solutions and nearly 1,900 dedicated associates serving Busey’s valued clients. Pursuant to the letter agreement, upon the end of his tenure as CEO, Dukeman will retain at least 300,000 shares of FBC’s common stock for a two-year period. “We have a best-in-class executive management team that lead and implement priority projects across the franchise,” Dukeman said. “Our board of directors and I have the utmost confidence in this team, their ability to lead and dedication to this great organization. Viable internal succession options exist with several executive team members able to step in when the time for leadership transition eventually arrives. I will continue to work together with all of them to ensure this company remains Busey well into the future.” Corporate Profile As of March 31, 2026, First Busey Corporation (Nasdaq: BUSE) was an $18.04 billion financial holding company headquartered in Leawood, Kansas. Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.01 billion as of March 31, 2026. Busey Bank currently has 80 banking centers, with 21 in central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in southwest Florida, three in Oklahoma, three in Colorado, three in Arizona, one in Indianapolis, Indiana, one in Wichita, Kansas, and one in Clayton, New Mexico. More information about Busey Bank can be found at busey.com. Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $15.65 billion as of March 31, 2026. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management. Busey Bank’s payment technology solutions specialize in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. Busey provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, Busey simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. Busey is honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development. Nationally, AmericanBanker named Busey a Best Bank to Work For since 2016 while PensionsandInvestments has recognized us a Best Place to Work in Money Management since 2018. At the local level, Busey is continually honored among the Best Places to Work in Illinois (since 2016), Best Companies to Work For in Florida (since 2017) and Best Places to Work in Indiana (since 2024). CONTACT: Kristen Bosch 217.365.4721 kristen.bosch@busey.com
Busey, Dukeman Agree to Contract Extension
First Busey Corporation Longtime Busey Chairman & CEO to Remain Through July 2029 LEAWOOD, Kan., July 14, 2026 (GLOBE NEWSWIRE) -- First Busey Corporation (FBC) announced on Tuesday, July 14 that Chairman, President and CEO Van Dukeman will continue to lead the company and Busey Bank as CEO through July 1, 2029, per a letter agreement with the company. Dukeman will also continue to serve as Chairman and President of FBC, and as Chairman of the board of directors of Busey Bank. The contract extension formally reaffirms Dukeman's commitment to Busey and continuing to earn the right to keep the organization independent. "This is an incredibly exciting time for our company," Dukeman said of his decision to extend his term as Chairman and CEO with Busey. "Profitability is strong with our hallmark, quality balance sheet, valuable core deposit franchise and wealth management practice along with a disciplined relationship banking strategy. We are laser focused on executing our go-to-market strategy through our unique regional operating model, with a demonstrated commitment to Busey's diverse geographic footprint that includes 80 locations across 10 states." Dukeman has led Busey since 2007 when he was named President and CEO following the merger of equals with Main Street Bank and Trust, where he served as President and CEO from 1998 to the time of the Busey merger—in sum over 28 years as the CEO. Under his leadership, Busey has grown from $4 billion to more than $18 billion in assets over the last two decades through organic growth and by executing on a sequence of nine strategic acquisitions—resulting in transformational, intentional growth for Busey's banking and wealth management services. Under Dukeman's direction, Busey has built a full-scale commercial bank with a powerful combination of banking, wealth management and payments offerings—providing a full suite of financial solutions and nearly 1,900 dedicated associates serving Busey's valued clients. Pursuant to the letter agreement, upon the end of his tenure as CEO, Dukeman will retain at least 300,000 shares of FBC's common stock for a two-year period. "We have a best-in-class executive management team that lead and implement priority projects across the franchise," Dukeman said. "Our board of directors and I have the utmost confidence in this team, their ability to lead and dedication to this great organization. Viable internal succession options exist with several executive team members able to step in when the time for leadership transition eventually arrives. I will continue to work together with all of them to ensure this company remains Busey well into the future." Story Continues Corporate Profile As of March 31, 2026, First Busey Corporation (Nasdaq: BUSE) was an $18.04 billion financial holding company headquartered in Leawood, Kansas. Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.01 billion as of March 31, 2026. Busey Bank currently has 80 banking centers, with 21 in central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in southwest Florida, three in Oklahoma, three in Colorado, three in Arizona, one in Indianapolis, Indiana, one in Wichita, Kansas, and one in Clayton, New Mexico. More information about Busey Bank can be found at busey.com. Through Busey's Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $15.65 billion as of March 31, 2026. More information about Busey's Wealth Management services can be found at busey.com/wealth-management. Busey Bank's payment technology solutions specialize in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. Busey provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, Busey simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. Busey is honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development. Nationally, AmericanBanker named Busey a Best Bank to Work For since 2016 while PensionsandInvestments has recognized us a Best Place to Work in Money Management since 2018. At the local level, Busey is continually honored among the Best Places to Work in Illinois (since 2016), Best Companies to Work For in Florida (since 2017) and Best Places to Work in Indiana (since 2024). CONTACT: Kristen Bosch 217.365.4721 kristen.bosch@busey.com View Comments
AI's Top Companies Keep Paying Each Other. Analysts Want to Know Why.
Baltimore, MD, July 14, 2026 (GLOBE NEWSWIRE) -- When one company invests in another, it usually means something simple. It sees a business worth backing. But across the AI industry, a stranger pattern has taken hold. The biggest names in AI are increasingly putting money into each other, and in many cases, the companies getting that money turn around and spend it right back with the companies that gave it to them. In a new free presentation, economist and former government advisor Jim Rickards says this pattern may be one of the most overlooked parts of the entire AI boom. To Rickards, the question isn't whether these companies are spending. It's whether all that spending reflects real, outside demand, or something closer to money moving in a circle. A chipmaker takes a large stake in an AI startup. That startup then uses the money to buy the chipmaker's chips. A cloud company funds a model builder's expansion. That model builder then pays the cloud company to run its systems. Each deal, on its own, can look like healthy growth. Seen together, Rickards says, they raise a harder question. Money That Circles Back On the surface, these arrangements look like ordinary investment. A big company sees promise in a smaller one and backs it. But when the money keeps flowing between the same handful of players, the picture gets murkier. If a company helps fund the very customers who then buy its products, some of that "demand" may not be coming from the outside world at all. It may be coming from the company itself. Rickards says that distinction matters more than most investors realize. The Question Beneath the Deals None of this means the companies involved are doing anything improper. Investing in partners and customers is a long accepted business practice. But the scale is what has caught the attention of analysts. The concern is fairly straightforward. When the same dollars appear to move between a small group of companies, it can make demand for AI look larger and more durable than it truly is. And if that demand turns out to be thinner than it appears, the companies counting on it, and the investors counting on those companies, could be caught off guard. Rickards believes this is exactly the kind of detail that gets ignored while the headlines stay focused on breakthroughs and record valuations. Why Investors Should Care Much of the AI story rests on a single belief: that demand for these products is real, growing, and here to stay. Today's stock prices assume it. Today's spending depends on it. Rickards says investors should look closely at where that demand is actually coming from. If a meaningful share of it is being funded by the sellers themselves, the true strength of the market may be harder to judge than the numbers suggest. That doesn't mean AI is going away. But it could change how quickly these investments turn into the lasting profits Wall Street is expecting. What July 29 Could Reveal Rickards keeps circling back to one date. Around July 29, many of the largest AI companies will report their latest results. Buried in those reports, he says, are the details that matter most: who is actually paying, how much of the revenue comes from genuine outside customers, and how much of the spending is tied up between the same familiar names. For Rickards, those numbers could offer one of the clearest looks yet at whether the demand behind AI is as solid as the market believes. A Free Presentation Jim Rickards walks through all of this in a new free online presentation, available now HERE. He explains why the money moving between AI's biggest companies deserves closer attention, why he believes real demand is the question investors should be asking, and why the coming weeks could tell us far more about the health of the AI boom than another round of product launches. About Jim Rickards Jim Rickards is an economist and investment strategist who has spent decades studying how money moves through the financial system, especially during times of rapid change. He has advised the U.S. Treasury, the Department of Defense, and the U.S. intelligence community on economic and financial risk. His current work focuses on how the AI boom is reshaping markets and where it may take investors next. Paradigm Press is one of the largest independent financial research publishers in the United States, with a 4.8 star rating on Google from more than 1,900 reviews. It works to help everyday Americans understand the forces moving their wealth.
Citigroup Stock Up as Q2 Earnings Beat on Higher NII & Fee Income
Citigroup Inc. C reported second-quarter 2026 earnings per share of $3.15, which surpassed the Zacks Consensus Estimate of $2.72. In the prior-year quarter, the company reported earnings per share of $1.96. C shares rose nearly 1.8% in the early trading session. A full day's trading session will depict a clearer picture. The company's results benefited from a year-over-year rise in net interest income (NII) and growth across each of its five core businesses. Citigroup also registered a year-over-year increase of 44% in investment banking revenues and positive operating leverage. However, higher operating expenses and a weaker capital position acted as offsetting factors. Net income in the quarter was $5.8 billion, up 45.1% from the prior-year quarter. C's Revenues Increase, Expenses Rise Revenues, net of interest expenses, were $24.8 billion in the second quarter of 2026, up 14.3% year over year. The top line surpassed the Zacks Consensus Estimate by 4.6%. NII rose 12.8% year over year to $17.1 billion, while non-interest revenues increased 17.7% to $7.6 billion. Citigroup's operating expenses increased 4.7% year over year to $14.2 billion. The rise was driven by higher compensation and benefits, transactional and product servicing expenses, deposit insurance costs and the impact of foreign exchange translation, partly offset by lower professional services expenses. Citigroup's Segmental Performance In the Services segment, total revenues, net of interest expenses, were $6.4 billion, up 17.5% year over year. The increase reflected growth in Treasury and Trade Solutions and Securities Services. The Markets segment's revenues increased 17.2% year over year to $7 billion, driven by growth in Fixed Income and Equity markets revenues. Banking revenues were $1.9 billion, up 34% year over year, primarily driven by a rise in Investment Banking revenues. Debt Capital Markets revenues rose 65% and Equity Capital Markets revenues surged 92%, while Advisory revenues declined 4%. In the Wealth segment, revenues were $3.2 billion, rising 12.9% year over year. The increase was driven by growth across Citigold and Retail Banking, the Private Bank and Wealth at Work. U.S. Consumer Cards revenues were $4.5 billion, up 1.1% year over year, driven by higher NII on increased interest-earning balances, largely offset by lower non-interest revenues. In the All Other segment, on a managed basis, revenues were $1.7 billion, up 1.2% year over year. C's Balance Sheet Position Solid At the end of the second quarter of 2026, the company's deposits rose 3.2% from the prior quarter to $1.49 trillion. Its loans also increased 4.2% on a sequential basis to $793.6 billion. Story Continues Citigroup's Credit Quality Total non-accrual loans decreased 3.7% year over year to $3.2 billion. Total allowance for credit losses was $22.2 billion at the quarter-end, down from $23.7 billion in the prior-year period. Provisions for credit losses and benefits, and claims were $2.5 billion in the quarter, down 12.2% year over year. C's Capital Position Weak At the end of the second quarter of 2026, Citigroup's Common Equity Tier 1 capital ratio was 12.8%, down from 13.5% in the second quarter of 2025. The company's supplementary leverage ratio in the reported quarter was 5.2%, down from the prior-year quarter's 5.5%. Citigroup's Capital Deployment During the quarter, Citigroup returned nearly $5 billion to common shareholders through share repurchases and dividends. Our Viewpoint on C Citigroup's second-quarter 2026 results reflected broad-based business strength, supported by higher NII, solid fee momentum, and positive operating leverage. Growth across Services, Markets, Banking, Wealth and U.S. Consumer Cards was encouraging. Yet, elevated expenses and pressure on capital ratios remain watch points. The company completed the sale of its Consumer Banking business in Poland and 22.6% of its 24% equity stake in Banamex during the quarter. The company's continued investments, disciplined execution, and focus on its five interconnected businesses are expected to support its performance. Citigroup Inc. Price, Consensus and EPS SurpriseCitigroup Inc. Price, Consensus and EPS Surprise Citigroup Inc. price-consensus-eps-surprise-chart | Citigroup Inc. Quote Currently, Citigroup carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Earnings Dates & Expectations of Other Banks M&T Bank MTB is slated to report second-quarter 2026 numbers on July 15. Over the past week, the Zacks Consensus Estimate for M&T Bank's quarterly earnings has remained unchanged at $4.66 per share. This indicates a 8.9% rise from the prior-year quarter's reported figure. U.S. Bancorp USB is scheduled to release second-quarter 2026 earnings on July 16. The Zacks Consensus Estimate for U.S. Bancorp's quarterly earnings has been revised upward to $1.28 per share over the past seven days. This indicates a 15.3% rise from the prior-year quarter's actual. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C) : Free Stock Analysis Report U.S. Bancorp (USB) : Free Stock Analysis Report M&T Bank Corporation (MTB) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research View Comments
Bank of America expects 2026 NII growth at the upper end of 6% to 8% while targeting 300 to 400 bps operating leverage
Earnings Call Insights: Bank of America (BAC) Q2 2026 MANAGEMENT VIEW * “Our revenue grew 15% year-over-year to $31.6 billion... Our EPS increased 34% to $1.21 a share.” (Chairman & CEO Brian Moynihan) * “On an FTE basis, NII was approximately $16.2 billion, up 9% over last year's second quarter... Investment banking fees increased 50% year-over-year to more than $2.1 billion, while sales and trading generated $7.2 billion in revenue, up 33%.” (CEO Moynihan) * “We've returned $8 billion to you through dividends and share repurchases this quarter... a common equity Tier 1 ratio of 11.2%.” (CEO Moynihan) * “Our associates are generating more than 400,000 prompts a day... we had over 300 AI use cases approved... 114 are live generative AI use cases. 34 of those cases are fully implemented.” (CEO Moynihan) * “Average deposits were $2.02 trillion... included noninterest-bearing growth of $19 billion... Average loans and leases increased to $1.2 trillion, up $88 billion or 8% from a year ago.” (Executive VP & CFO Alastair Borthwick) OUTLOOK * “We now expect full year 2026 NII growth to be at the upper end of that 6% to 8% range... and it's based on the current forward curve, which has one 25-basis point rate hike in September.” (CFO Borthwick) * “On our first quarter earnings call in April, we told you we expected full year operating leverage of more than 200 basis points... we now expect full year operating leverage to be in the range of 300 to 400 basis points.” (CFO Borthwick) * Versus the prior quarter’s messaging, management moved from “we continue to expect more than 200 basis points of positive operating leverage for the year” (CFO Borthwick, Q1) to a tighter numerical range of “300 to 400 basis points” (CFO Borthwick, Q2). FINANCIAL RESULTS * The quarter’s key reported results included $31.6 billion revenue, $9.1 billion net income, and $1.21 EPS, alongside “return on tangible common equity of 17%” and an “efficiency ratio improved to 59%.” (CEO Moynihan) * “Noninterest expense... approximately $18.6 billion” with the year-over-year increase reflecting “continued investment in technology, sales teams, financial centers and brand marketing” and “higher activity-related costs... particularly in our overseas markets.” (CFO Borthwick) * Credit metrics were described as stable: “Provision expense was approximately $1.4 billion, net charge-offs were also $1.4 billion... Nonperforming loans remained stable at approximately $5.8 billion, and we recorded a modest reserve release.” (CFO Borthwick) Q&A * Christopher McGratty, KBW: asked about deposit pricing discipline and NII momentum; CFO Borthwick said, “our strategy is about relationship value,” adding, “We've got $800 billion of excess between our cash and securities over our loans.” * Christopher McGratty, KBW: asked about AI and operating leverage sustainability; CFO Borthwick pointed to “growth, efficiency, risk management and resiliency,” and said, “at this point, we've got... approved model cases... 300... 114.” * Kenneth Usdin, Autonomous: pressed on tougher 2H comps and what it implies for operating leverage; CFO Borthwick said, “we're offering the 300 to 400,” and cited comparability issues around last year’s second-half NII lift and industry investment banking levels. * Manan Gosalia, Morgan Stanley: asked whether rate changes could alter the NII guide; CFO Borthwick said, “net-net-net, it's a positive for us,” while noting markets is “slightly liability sensitive.” * Benjamin Gerlinger, Citi: asked whether the higher-end NII view assumes mix/productivity changes; CFO Borthwick said the guide assumes “modest deposit growth,” “good continued loan growth,” plus “fixed rate asset repricing,” and framed balance sheet efficiency as “more about net interest yield and less about NII.” * L. Erika Penala, UBS: questioned why NII growth would slow from the first-half pace; CFO Borthwick said, “we're just up against tougher comps,” adding, “it looks to us like more like 8% for the full year just based on the comps.” * Michael Mayo, Wells Fargo: asked why operating leverage guidance rose and requested expense guidance; CFO Borthwick said, “No, we've largely gone away from that,” and pointed to core “headcount discipline... flat to slightly down.” * Gerard Cassidy, RBC: asked about underwriting/credit risk; CEO Moynihan said, “we stick to our credit knitting,” while adding, “It's all going to come down to the economy.” * Matthew O'Connor, Deutsche Bank: asked for NII “ex markets”; CFO Borthwick said he would help “offline,” and added, “markets NII... will be flat to slightly down... most all of the growth is going to come from the Global Banking books.” SENTIMENT ANALYSIS * Analysts were slightly skeptical/pressing on sustainability and drivers, including “tougher comps” (Kenneth Usdin, Autonomous) and requests to decompose NII (“What is that ex markets?”) (Matthew O'Connor, Deutsche Bank). * Management tone was confident in prepared remarks and generally steady in Q&A, using phrases such as “We now expect” (CFO Borthwick) and “we feel very good” (CEO Moynihan on pipelines/returns), with occasional caution that external events “could affect... IPOs, et cetera.” (CEO Moynihan). * Compared to Q1’s emphasis on resilience and discipline, Q2 leaned more into outperformance language (“extending our momentum,” “exceptional quarter”) (CEO Moynihan) and a higher operating leverage outlook (“300 to 400 basis points”) (CFO Borthwick). QUARTER-OVER-QUARTER COMPARISON * Q2 reported faster year-over-year growth than Q1, with Q1 stating “Revenue grew 7% year-over-year to $30.3 billion... Earnings per share... $1.11” (CEO Moynihan, Q1) versus Q2’s $31.6 billion revenue and $1.21 EPS (CEO Moynihan, Q2). * NII guidance language in Q2 shifted higher in confidence: Q1 said, “we're raising our full year NII growth guidance range... up 6% to 8%” (CFO Borthwick, Q1), while Q2 said, “We now expect... at the upper end of that 6% to 8% range.” (CFO Borthwick, Q2). * Q2 introduced substantially expanded AI adoption disclosure (prompts per day, approved and live use cases) (CEO Moynihan), while Q1 emphasized broad availability (“all 200,000 teammates have access to AI”) and “90 installations working.” (CEO Moynihan, Q1). RISKS AND CONCERNS * Management flagged macro risks: “inflation and tighter monetary policy remain key risks,” and markets uncertainty tied to geopolitics: “we can't predict what will happen next and that could affect the market's perception, IPOs, et cetera.” (CEO Moynihan) * On NII sensitivity and mix, management highlighted that Global Markets NII could be an offset in rate shifts: “the markets business is slightly liability sensitive. So that's a slight offset.” (CFO Borthwick) * Credit was framed as stable but with “some isolated corporate and commercial lending losses,” even as “CRE improvement” was cited as a driver of better criticized exposures. (CFO Borthwick) FINAL TAKEAWAY Management described Q2 as broad-based strength across NII, fees, and operating leverage, while raising its operating leverage outlook to 300 to 400 basis points and positioning full-year 2026 NII growth toward the upper end of 6% to 8%. Leadership emphasized deposit mix discipline, continued loan growth, stable credit, and accelerating AI deployment metrics (approved and live use cases and employee usage) as supporting productivity and client execution, while noting that inflation, monetary policy, and geopolitical-driven market conditions remain key variables. Read the full Earnings Call Transcript [https://seekingalpha.com/symbol/bac/earnings/transcripts] MORE ON BANK OF AMERICA * Bank of America Corporation (BAC) Q2 2026 Earnings Call Transcript [https://seekingalpha.com/article/4921951-bank-of-america-corporation-bac-q2-2026-earnings-call-transcript] * Bank of America: Path To $70 [https://seekingalpha.com/article/4921978-bank-of-america-path-to-70] * Bank of America Corporation 2026 Q2 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4921913-bank-of-america-corporation-2026-q2-results-earnings-call-presentation] * Bank of America Q2 earnings reflect resilient consumer and rebounding Wall Street [https://seekingalpha.com/news/4613500-bank-of-america-q2-earnings-reflect-resilient-consumer-and-rebounding-wall-street] * Bank of America GAAP EPS of $1.21 beats by $0.09, revenue of $31.6B beats by $830M [https://seekingalpha.com/news/4613489-bank-of-america-gaap-eps-of-1_21-beats-by-0_09-revenue-of-31_6b-beats-by-830m]
Buchanan Capital Partners Forms Seconds Joint Venture with the Industrial Team at Crow Holdings Development
AUSTIN, Texas, July 14, 2026 /PRNewswire/ -- Buchanan Capital Partners ("BCP"), an Austin-based, zero-fee commercial real estate investment firm, announced its recent capitalization of a 397,556 SF industrial development in the Northwest Atlanta / I-75 North Corridor of Georgia. The project, "Cass White Business Center," will be developed by Dallas-based Crow Holdings Development ("CHD") and marks BCP's second joint-venture with the prominent developer, following the firms' first venture at Rock Creek Center near Greensboro, North Carolina.Cass White Business Center Strategically located along the I-75 North corridor in Bartow County midway between Atlanta and Chattanooga, Cass White Business Center is well positioned to benefit from the region's accelerating growth, highlighted by the nearby ~$5 billion Hyundai Motor Group and SK On EV battery plant and Hanwha Qcells' $2.5 billion Georgia solar manufacturing expansion, which includes its new Cartersville facility. The site offers dual access to Interstate 75 and Georgia Highway 411 and sits within one of the Southeast's most active freight corridors, with proximity to the inland Appalachian Regional Port and its direct rail connection to the Port of Savannah. With Conlan Company as the General Contractor, CHD's industrial team will oversee and manage the development of the project. Nathan Anderson of NAI Brannen Goddard will lead leasing efforts. See marketing materials here: Cass White Business Center Flyer. "Cass White reflects our continued growth in industrial and our focus on partnering with best-in-class development partners like Crow Holdings Development's industrial team," said Keith Buchanan, Founder of BCP. "This marks our second joint venture with CHD and our first investment in the Atlanta market, and we look forward to strategically expanding our portfolio across one of the Southeast's strongest logistics corridors." "We were drawn to Cass White by the same fundamentals that guide all of our industrial investments," added Ford Albert, Director at BCP. "BCP will continue to grow its industrial presence through both direct acquisitions and JV developments that offer durable downside risk mitigants—strategic locations near significant job growth, favorable supply and demand dynamics, and a low-cost basis." This joint venture further expands BCP's industrial footprint across the Sun Belt and reinforces the firm's reputation as a leader in strategic, growth-oriented real estate investments that prioritize value creation and investor trust. Story Continues About Buchanan Capital Partners Buchanan Capital Partners, based in Austin, Texas, is a performance-based commercial real estate investment firm focused on delivering consistent, superior risk-adjusted returns. BCP charges no fees, and its investors are paid in full before the firm receives compensation. BCP pursues strategies including direct acquisitions across product types and providing joint venture equity for opportunistic investments. BCP's Principal has a proven 28-year track record of successful investing across all commercial real estate product types, primarily in major Texas metros. For more information about Buchanan Capital Partners, please visit www.buchanancp.com. About Crow Holdings Development Crow Holdings Development (CHD) is a leading real estate development company specializing in multifamily, industrial, and office development across high-opportunity markets in the United States. Led by a highly experienced leadership team, CHD has developed nearly 300,000 multifamily units since 1977 and more than 80 million square feet of industrial space since 2013 and is a subsidiary of Crow Holdings, a privately owned real estate investment and development firm with over 75 years of history, $35 billion of assets under management, and an established platform with a vision for continued success. The firm's ongoing legacy is rooted in its founding principles: partnership, collaboration, and alignment of interests. For more information, please visit www.crowholdings.com. Contact: Gentry Bowen gbowen@buchanancp.com 512-673-7375Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/buchanan-capital-partners-forms-seconds-joint-venture-with-the-industrial-team-at-crow-holdings-development-302825415.html View Comments
Stocks making the biggest moves midday: IBM, Goldman Sachs, CleanSpark, HCA Healthcare & more
Check out some of the companies making the biggest moves midday: CleanSpark — The digital infrastructure company surged 11% after securing a 20-year data center lease in Georgia, totaling $6.6 billion in contracted revenue . HCA Healthcare — The hospital operator fell more than 7% after lowering full-year earnings guidance. HCA now sees full-year earnings per share between $28.70 and $30.50, down from a previous forecast of $29.10 per share to $31.50 per share. HCA also lowered the top end of its 2026 revenue outlook range. JPMorgan Chase — The largest bank in the nation rose 2% after posting Q2 results. JPM earned $6.14 per share, excluding one-time items, on revenue of $58.02 billion. Analysts polled by LSEG expected a profit of $5.85 per share on revenue of $50.19 billion. Bank of America — Bank of America added 2% after beating expectations in the second quarter. The Charlotte, N.C.-based bank earned $1.21 per share, more than the $1.13 expected by analysts polled by LSEG. Revenue of $31.7 billion also exceeded the $30.72 billion consensus estimate. Wells Fargo — San Francisco-based Wells fell 3% after posting earnings of $2.00 per share on revenue of $22.62 billion. Analysts surveyed by LSEG were anticipating earnings of $1.72 per share on revenue of $21.84 billion. Goldman Sachs — The Wall Street investment bank jumped 7% after posting second-quarter earnings above exceeded estimates. Goldman earned $20.98 per share, more than the $14.48 LSEG consensus estimate. Revenue of $20.34 billion also topped the $16.13 billion expected. Citigroup — The bank fell 5% after logging its best quarterly revenue in a decade. Citigroup posted second- quarter earnings of $3.15 per share, more than the $2.74 expected by analysts surveyed by LSEG. Revenue of $24.77 billion also exceeded the anticipated $23.74 billion. Apple — The iPhone maker dipped 1% after KeyBanc downgraded Apple to underweight from sector weight, with a $250 price target implying 21% downside from Monday's close. The Wall Street firm expects Apple could come under pressure as customers tighten their purse strings in response to rising prices. IBM — The legacy tech giant plunged 25% after issuing weaker-than-expected preliminary Q2 earnings. IBM expects to report a profit of $2.93 per share, excluding certain items. Analysts polled by FactSet had expected a profit of $3.01 per share. O-I Glass — The old Owens-Illinois slumped 8% after a double downgrade to undeperform from buy at Bank of America, which cited a recent 20% rally, challenging glass demand, fewer benefits from restructuring, less improvement in Europe and currency headwinds. LM Ericsson — The Swedish networking and telecommunications provider that also trades in the U.S. dropped 13%. Ericsson posted disappointing revenue of 52.70 billion Swedish kronor, missing the consensus estimate of 53.94 billion, according to StreetAccount. Adjusted gross margin of 48.4% topped the 47.8% that was expected. MBX Biosciences — The clinical state biopharmaceutical tum,bled 8% after saying CEO Kent Hawryluk stepped down effective immediately and will be replaced by the current executive chairman Steve Hoerter. — CNBC's Sarah Min, Fred Imbert contributed reporting
SpaceX (SPCX): The Best Growth Stock With Highest Upside Potential
Space Exploration Technologies Corp. (NASDAQ:SPCX) is one of the 10 Best Growth Stocks With Highest Upside Potential. On July 9, 2026, Rocket One announced that it had added the SpaceXAI API to its AI technology stack after being accepted into the SpaceXAI API program. The addition gives Rocket One access to SpaceXAI's latest multimodal artificial intelligence models for coding, reasoning, text, image, video, and voice applications. Also on July 9, it was reported that Cathie Wood's ARK Investment bought 182K shares of Space Exploration Technologies Corp. (NASDAQ:SPCX).SpaceX (SPCX): The Best Growth Stock With Highest Upside Potential On the same day, Cursor said in a blog post that it is "releasing Grok 4.5" together with SpaceXAI. Cursor said Grok 4.5 is its most intelligent model and is designed for tasks beyond software engineering, including data science, finance, legal work, and other computer-based work. Grok 4.5 is available in Cursor across desktop, web, iOS, CLI, and the company's SDK. Cursor said individual and team plans include usage of the model as part of its first-party model pool, and that usage is being doubled for the first week. The base model is priced at $2/M input tokens and $6/M output tokens, while the fast variant is priced at $4/M input tokens and $18/M output tokens. Space Exploration Technologies Corp. (NASDAQ:SPCX) provides satellite-based broadband services, launch services, and AI platform solutions in the United States, Ireland, Canada, and internationally. While we acknowledge the potential of SPCX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on thebest short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. Disclosure: None. Follow Insider Monkey on Google News. View Comments
Citi Shares Drop as CEO Warns of Higher Cost from Investments
(Bloomberg) -- Citgroup Inc.'s shares erased earlier gains as Chief Executive Officer Jane Fraser said the bank would "lean in with additional investments and other actions" if economic conditions remain favorable. Most Read from Bloomberg US Hits Iran With Strikes, Blockade as Trump Plans Hormuz Charge US CPI Falls for the First Time Since 2020, Core Gauge Flat Lindsey Graham, Senate Hawk Turned Trump Ally, Dies at 71 Trump Embraces Australian Retirement System Backed by Larry Fink A Cocaine Bust in Spain Leads All the Way to Wall Street "If conditions stay constructive, we intend to take advantage of that," Fraser said Tuesday on a call with analysts. "We'll lean in with additional investments and other actions to create value for our shareholders over the medium term." Shares pared their earlier gains, falling 5.7% following the comments. Citi earlier reported second-quarter earnings that beat expectations in key business lines. It's not clear what the bank's executives mean by additional investments. During a conference call with analysts, executives faced questions about why they'd left their full-year forecast for return on tangible common equity at 10% to 11% even though that metric has trended higher so far this year. Chief Financial Officer Gonzalo Luchetti also warned that the bank might have to set aside more for severance costs as it looks to streamline operations. "We're playing the long game," Fraser said. When the bank reported results for the first quarter in April, Fraser dismissed a Bloomberg report from late March that said the bank was exploring buying a retail bank or wealth brokerage. Citi is "only interested in and focused on organic growth," the CEO said at the time. Most Read from Bloomberg Businessweek Credit Card Holders Are Using 'Friendly Fraud' to Get Back at Retailers The Shattering of the Middle East's Most Unlikely Friendship Job Hunters Are Using AI to Cheat in Interviews, and Failing at the Office Washington Is Looking to Keep China From Training Its AI on US Models A $10 Jar of Tomato Sauce Is Reason to Celebrate ©2026 Bloomberg L.P. View Comments
London Assembly chairman debanked after Ukraine visit
Andrew Boff received a letter from his bank stating it had identified transactions in a sanctioned country - Belinda Jiao A senior Conservative has claimed he was debanked by HSBC-owned First Direct after a visit to Ukraine. Andrew Boff, the chairman of the London Assembly, said that after he spent £36 on coffees and lunch in Kyiv during a visit in May, he returned to Britain to find that his bank card no longer worked. He said that on July 8, he received a letter from First Direct informing him that the retail bank would close his accounts in 90 days, on Oct 6. The letter, seen by The Telegraph, said his bank card had been cancelled and his electronic banking had "ceased". It read: "We have identified transactions made in a sanctioned country. "As part of regulations, we must comply with sanction laws and manage any risks effectively. Following a recent review, we determined that the management of these risks is outside of our acceptable limits. "We're giving you 90 days written notice that we'll end your contracts with us. We'll close the accounts detailed above, along with any related services, on Oct 6 2026, unless you arrange to close them sooner." Ukraine is not considered a high-risk country for money laundering purposes according to the Financial Action Task Force, a G7-founded body which sets international anti-money-laundering standards. Unlike in other countries, there is no legal right to a bank account in the UK, and banks can choose to close accounts for commercial reasons, as well as if there is suspicious or sanctioned activity. Mr Boff said: "It is imperative that we have a robust sanctions programme so as to clamp down on the means that the Russian war machine has to fund its brutal war. "But a robust sanctions programme is one which can differentiate between buying a coffee in Ukraine and a coffee in Russia." He added: "I am disappointed that First Direct has been unable to communicate more comprehensively, and that there has been no way for me to clarify to them what has happened with the hope of regaining access to my savings and direct debits. This is simply unacceptable and I hope that the system can be revised before more Britons are caught this way." First Direct was launched as the UK's first telephone-only bank in 1989, set up as a division of HSBC. The Telegraph has previously heard from humanitarian workers, small business owners, charities and even churches who have had their accounts closed without explanation. Debanking hit record levels in 2024-25, according to figures from the Financial Conduct Authority. An estimated 453,230 accounts were shut down, data released to The Telegraph under Freedom of Information rules shows. Story Continues This was a more than tenfold increase on the 45,091 accounts closed in 2016-17, and an 11pc jump on the 408,000 accounts closed in the 2023-24 tax year. In all of the cases, lenders cited "financial crime reasons" for the decision to close accounts. Nigel Farage, who was debanked by private bank Coutts in 2023, said: "Nothing has changed, despite all the promises." Last week, Reform accused the National Crime Agency of leaking MPs' bank details to the media, including transactions which were flagged as suspicious. Earlier this year, the Government implemented stricter rules for debanking. Victims can now expect 90 days' notice of an account closure in most cases and better explanations. But banks can still refuse to explain their actions if they believe that doing so would help criminals launder money. HSBC on behalf of First Direct declined to comment. View Comments
Watch Fed Chairman Kevin Warsh testify live to House Financial Services committee
[The stream is slated to start at 10 a.m. ET. Please refresh the page if you do not see a player above at that time.] Federal Reserve Chairman Kevin Warsh speaks Tuesday to the House Financial Services Committee as part of the congressionally mandated semiannual monetary policy report. The central bank leader's appearance comes the same day the Bureau of Labor Statistics reported that consumer prices fell an unexpectedly sharp 0.4% in June, easing some worries among policymakers about inflation. In remarks prepared for the appearance, Warsh promised a vigilant fight to return inflation to the Fed's 2% target. "The members of our Committee have no tolerance for persistently elevated inflation. And we share a resolute commitment to restoring price stability," he said. Read more Warsh promises inflation will be a 'thing of the past,' cites benefits of AI investment boom Fed officials were split on direction of interest rates at last meeting, minutes show Warsh faces multiple alternative inflation signs as Fed charts new course Subscribe to CNBC on YouTube. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
First Hawaiian (FHB) Stock Looks Cheap On Fair Value Yet Fair On Earnings
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. First Hawaiian stock has returned 71.6% over the past three years, yet the current valuation picture is mixed, with the Excess Returns intrinsic value estimate suggesting about 22.3% upside while the broader checks do not point to an obvious bargain. A 71.6% gain over three years puts First Hawaiian among the stronger banking stocks in that window. The key issue is whether recent returns already reflect most of the value on offer. The planned all stock acquisition of TriCo Bancshares may support higher long term earnings power, but integration risk and regulatory approvals can affect how much of that potential value ultimately reaches shareholders. First Hawaiian screens as undervalued on 2 of 6 valuation checks. The low overall score suggests the stock leans closer to fairly priced than to a clear cut bargain across standard metrics (2/6 valuation checks). The issue now is whether First Hawaiian's current share price already discounts the expected benefits of the TriCo deal and recent share price gains, or if the intrinsic value estimate still points to meaningful upside from here. Find out why First Hawaiian's 16.6% return over the last year is lagging behind its peers. Is First Hawaiian Still Cheap on Excess Returns? The Excess Returns model evaluates how efficiently First Hawaiian converts its equity base into earnings above the required return for shareholders. For First Hawaiian, the model uses a Book Value of $22.75 per share and a Stable EPS of $2.57 per share, compared with a Cost of Equity of $2.06 per share. That gap translates into an Excess Return of $0.51 per share, supported by an Average Return on Equity of 9.94% and a projected Stable Book Value of $25.88 per share. Using these inputs together, the Excess Returns model estimates an intrinsic value of about $37.52 per share, which sits roughly 22.3% above the current share price and suggests the stock may be undervalued. Because the planned $2 billion all stock acquisition of TriCo Bancshares introduces integration and regulatory uncertainty, the discount can be interpreted as the market asking for a margin of safety before fully reflecting the enlarged bank's earnings power in the price. On this model, First Hawaiian stock appears undervalued, with the current price not fully reflecting the excess returns implied by its projected profitability and equity base. Our Excess Returns analysis suggests First Hawaiian is undervalued by 22.3%. Track this in your watchlist or portfolio, or discover 46 more high quality undervalued stocks. Story Continues FHB Discounted Cash Flow as at Jul 2026 Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for First Hawaiian. Does First Hawaiian Look Fairly Valued on Earnings? P/E is a useful yardstick for banks like First Hawaiian because earnings are a primary driver of shareholder value. First Hawaiian currently trades on a P/E of about 12.4x, which sits slightly above the peer average of 10.8x and is close to the broader banks industry average of 12.2x. The tailored fair P/E for First Hawaiian is estimated at 11.7x, which is only modestly below the current multiple. That small gap suggests the stock is priced close to what the model views as appropriate, given factors such as profitability, risk and size, rather than pointing to a clear discount or premium. The stock therefore does not screen as obviously cheap or expensive on earnings compared with similar banks. On the P/E yardstick, First Hawaiian appears roughly fairly valued, with its earnings multiple landing close to the level implied by its fundamentals and industry position.NasdaqGS:FHB P/E Ratio as at Jul 2026 See what the numbers say about this price — find out in our valuation breakdown. The First Hawaiian Narrative: What Would Justify Today's Price? Simply Wall St Narratives for First Hawaiian pick up where the valuation checks leave off by laying out the specific growth, margin and earnings paths that would need to play out for First Hawaiian's stock to be worth meaningfully more or less than it is today on the market. Instead of giving a single number, they unpack the future assumptions that number sits on, so you can see what needs to happen and monitor whether that story is still intact over time on the Community page. If you have a clear, number driven view on whether First Hawaiian's planned US$2b all stock acquisition of TriCo Bancshares ultimately delivers for shareholders, share a Narrative and spell out the earnings, margins and valuation path you think needs to play out. It is a chance to add your voice in the Simply Wall St community, set out a transparent case on First Hawaiian's stock, and then track how that thesis holds up as the combined bank reports results and the deal progresses toward closing. Do you think there's more to the story for First Hawaiian? Head over to our Community to see what others are saying! The Bottom Line For First Hawaiian, the Excess Returns intrinsic value estimate points to meaningful upside from here, while the P/E view implies the stock is priced about right relative to similar banks. That split reflects different focuses, with the intrinsic value model weighing the bank's ability to earn above its cost of equity and the market multiple reflecting current sentiment toward growth and risk. Broader valuation checks are relatively weak. The key question is whether the discount to intrinsic value is a genuine opportunity or simply compensation for integration and execution risk around the TriCo Bancshares acquisition. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FHB. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com View Comments
Fifth Third Earns Treasury and Cash Management Honors from Global Finance for the Third Consecutive Year
CINCINNATI, July 14, 2026--(BUSINESS WIRE)--Fifth Third Bank (NYSE: FITB) has been named Best Treasury and Cash Management Bank in the United States by Global Finance as part of the publication's 2026 Treasury and Cash Management Awards. The recognition reflects Fifth Third's capabilities in helping businesses manage liquidity, optimize working capital and move money securely and efficiently across their operations. In addition to national award, Fifth Third was recognized regionally in the Midwest and Southeast, the third consecutive year for these honors. Global Finance also named Comerica the Best Treasury and Cash Management Bank for the West US region. On February 2, Fifth Third and Comerica closed on their merger to become the ninth largest US Bank. Combined, the company's Commercial Payments business is a $1 billion recurring and high-return fee business. "Being recognized nationally and across our new Fifth Third footprint reflects the strength of our Commercial Payments business and the trust clients place in us," said Bridgit Chayt, head of Commercial Payments at Fifth Third. "We continue to invest in innovative solutions that simplify payments, improve the client experience and help businesses move faster in an increasingly digital economy." The awards highlight Fifth Third's continued leadership and momentum in Commercial Payments, reinforcing the Bank's commitment to delivering innovative and client-focused payment solutions across its entire US footprint. Newline™ by Fifth Third platform was recently honored by American Banker as a 2026 Innovation of the Year award winner for embedded payments for its role in advancing large-scale payments and capabilities. Additionally, Fifth Third Bank was recognized as a Top Financial Innovator by Global Finance for its Newline™ by Fifth Third platform. Global Finance selects winners based on criteria including profitability, market share, customer service, competitive pricing, product innovation, and technology implementation. Editors also evaluate submissions from banks and providers, as well as input from industry analysts, corporate executives and technology experts. About Fifth Third Fifth Third is a bank that's as long on innovation as it is on history. Since 1858, we've been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it's one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere's World's Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is to be the one bank people most value and trust. Story Continues Fifth Third Bank, National Association is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank, and its common stock is traded on the New York Stock Exchange under the symbol "FITB." Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC. View source version on businesswire.com: https://www.businesswire.com/news/home/20260714713819/en/ Contacts Adrienne Gutbier (Media Relations) adrienne.gutbier@53.com | 513-534-8038 Matt Curoe (Investor Relations) matt.curoe@53.com | 513-534-2345 View Comments
Visa Introduces AI Financial Assistant, Helping Banks Guide Customers from Insight to Action
AI Financial Assistant brings conversational financial guidance into the banking apps consumers already trust for spending and saving. The Visa Value‑Added Service applies benchmarking insights informed by one of the world's largest payment networks to deliver personalized recommendations. Aligned with Visa's AI and data governance standards, the feature is designed to operate within secure banking environments to meet the needs of banks and their consumers. SAN FRANCISCO, July 14, 2026--(BUSINESS WIRE)--Visa (NYSE: V), a global leader in digital payments, today announced AI Financial Assistant, a new value‑added service designed to help financial institutions evolve their apps for an AI‑driven era. The feature helps banks bring AI-powered financial insights to cardholders under their own brand, look and feel with no custom development required. More than 66% of surveyed Americans who have used generative AI are turning to AI for financial advice,1 yet consumers view banks as the most trusted institutions to safeguard personal data.2 In fact, 85% say they are willing to share even more data with their bank if there was a clear AI value proposition.3 AI Financial Assistant allows banks to extend that trust into natural, conversational experiences within secure banking environments. "Consumers are already turning to AI for financial advice—but banks have the full financial picture, can act on it, and are among the most trusted institutions consumers rely on," said Michele Herron, Senior Vice President and Head of North America Value-Added Services at Visa. "AI Financial Assistant brings those strengths together, combining personalized insights based on a consumer's own data and pairing it with the ability to act, all right within their bank's app. By simply turning on this service, banks can strengthen relationships with their customers and transform from a passive ledger to a generative AI–enabled financial hub." Turning insights into action, inside the mobile banking app As part of its initial rollout, AI Financial Assistant enables ways for cardholders to: Stay on top of spending, automatically: Proactive monthly insights surface meaningful changes without setup or manual effort. Ask and understand instantly: Responses to natural‑language questions are grounded in a cardholder's own financial activity. Act in the moment: Lock a card or set alerts directly within the conversation. Future planned enhancements include the ability to connect spending insights and subscription management through Enhanced Subscription Manager. Story Continues A modern, unified digital banking experience AI Financial Assistant is the latest feature of Visa Digital Issuer Solutions, delivering a single chat-based entry point inside the banking app. Financial institutions can connect their FAQs and documents via deep links to surface relevant banking product information, providing cardholders with answers to questions like "Are there any car loan benefits for existing customers?" or "Do you have high-yield savings accounts to help me save for a car?" While financial institutions can deploy individual capabilities on their own through Visa's Digital Enablement Software Development Kit (SDK), AI Financial Assistant acts as a central layer that connects existing and new features within the SDK as they come online. Operating under Visa's AI and data governance standards, AI Financial Assistant is informed by Visa's global network of more than 300 billion annual transactions. It combines cardholder behavior, real-time data, and the financial institution's own data to deliver highly personalized guidance with the security, compliance, and fraud protections banks require. AI Financial Assistant will be available to U.S. financial institutions for pilot in August 2026, with a planned global rollout to follow. To learn more, contact your Visa Account Executive and visit Visa Digital Issuer Solutions. Frequently Asked Questions (FAQ) What is AI Financial Assistant? Visa AI Financial Assistant is a value‑added service. It enables financial institutions to offer a conversational, in‑app experience for understanding spending, receiving personalized insights, and taking action, all inside their existing banking apps. Who is AI Financial Assistant designed for? AI Financial Assistant is designed for financial institutions looking to increase digital engagement by helping cardholders better understand their finances. How do consumers benefit from AI Financial Assistant? Within their issuer's app, consumers can: Receive proactive spending summaries Ask natural‑language questions about their finances Take guided actions, such as reviewing subscriptions or activating relevant offers How does AI Financial Assistant fit into Digital Issuer Solutions? AI Financial Assistant is part of Visa Digital Issuer Solutions, a platform of value‑added services designed to help financial institutions deliver modern, consumer‑focused digital experiences that evolve with customer expectations. By integrating with Visa's Digital Enablement Software Development Kit (SDK), issuers can access a suite of capabilities through a single integration point including Enhanced Subscription Manager, In-App Provisioning, Digital Card Display and more. Can issuers customize the experience? Yes. If a bank chooses to white‑label AI Financial Assistant, cardholders experience the feature as part of their digital banking app. Banks can also configure enrollment, notifications, and supported actions to align with their products, services, and digital strategies. What AI technology is behind AI Financial Assistant? Visa's AI Financial Assistant is powered by Visa's Data & AI Platform (DAP), which provides secure access to multiple leading AI models. We evaluate models on an ongoing basis to ensure they meet our standards for security, accuracy, compliance, and performance. About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com. 1 Credit Karma, "The Rise of Fin-AI: Why Americans Are Trusting Generative AI With Their Wallets." September 2. 2025. 2 2025 Oliver Wyman Consumer Survey on AI and "Known Unknowns" report, "Is trust the banks' hidden advantage?" January 2026. 3 2025 Oliver Wyman Consumer Survey on AI and "Known Unknowns" report, "Is trust the banks' hidden advantage?" January 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20260713836083/en/ Contacts Media Contacts Victoria Khamsombath press@visa.com View Comments
Warsh promises inflation will be a 'thing of the past,' cites benefits of AI investment boom
Federal Reserve Chairman Kevin Warsh pledged Tuesday to "get monetary policy right" and defeat the inflation that has bedeviled the central bank for the past five years. In remarks for delivery to separate congressional panels this week, Warsh reiterated his recent tough talk on inflation, while also touting the strength of the U.S. economy and benefits coming from business investment, particularly involving artificial intelligence. "Today we are at a hinge point in history. It's up to all of us to meet this moment," said Warsh, who speaks Tuesday to the House Financial Services Committee then the Senate Banking Committee on Wednesday. "The Fed's number one objective is to get monetary policy right — or as near to it as we possibly can. That is our clear and constant aim, the star we steer by," he added. "And if we get policy right — and we will — the inflation surge of the last five years will be a thing of the past." The remarks come just two months into Warsh's term. Fed chairs are mandated to appear twice a year before Congress to deliver a monetary policy report then take legislators' questions. Warsh takes over a Fed that has scene inflation exceed its 2% mandate since 2021. During his confirmation hearing earlier this year, the chairman called inflation "a choice," and emphasized repeatedly the importance of bringing down the cost of living during his first news conference. Similar to his predecessor, Jerome Powell, Warsh noted that the persistently high inflation levels have "been an undue burden on American households and businesses" who have faced higher costs across the board, with the latest surge coming in good part from soaring energy prices. "While monthly price fluctuations are inevitable — especially in an unsettled world — underlying inflation over longer time horizons is determined largely by monetary policy," he said. "The members of our Committee have no tolerance for persistently elevated inflation. And we share a resolute commitment to restoring price stability." On broader conditions, Warsh said the economy "is expanding at a solid pace, showing resilience in the face of recent developments." He pointed to business investment that he called "the most striking feature" of the current climate. "The rapid pace — which appears to be accelerating — reflects, in large part, the construction of data centers and the immense demand for the AI-related equipment and software that fill them," he said. "We don't know the extent to which the economy will benefit from the AI buildout," he added. "Yet it seems inevitable that what is now called 'AI investment' will soon be called just 'investment.'" Warsh previously has said he expects an AI productivity boom will prove disinflationary — a premise challenged by some economists as well as his fellow Fed policymakers. Elsewhere, Warsh further fleshed out the five task forces he has created to conduct a comprehensive review of the Fed's operations. The panels will examine the communications, technology, the balance sheet, economic data the Fed employs and the way it looks at inflation. Together, he said the groups are part of "a new chapter at the Federal Reserve," an extension of the "regime change" Warsh promised last year in a CNBC interview. However, whereas Warsh previously faulted "incumbents" at the Fed for institutional problems, he has taken a more conciliatory tone since he's been in office. "t's been a privilege to return to the Fed and to work again with so many talented and dedicated people I'm fortunate to call my colleague," he said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Rupert Murdoch's estranged son is set to make more from his SpaceX investment than he gained from his father's empire
Toni Anne Barson/FilmMagic/Getty Images The estranged son of billionaire media mogul Rupert Murdoch seems poised to make a fortune from investments in SpaceX that could far exceed what he's made from his father's empire. James Murdoch, Rupert's second son, reportedly invested an estimated $120 million in the rocket company leading up to its historic market debut on June 12. Fortune is reporting (1) that the holding could now be worth as much as $7.5 billion. The estimate was made by Pitchbook analyst Franco Granda, who came to the valuation based on details pertaining to Murdoch's holdings. Must Read Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here's what it is and 3 simple steps to fix it ASAP Millionaires under 43 hold only 25% of their wealth in stocks. Here's where their money is actually going Murdoch's ties to SpaceX Murdoch reportedly bought three tranches of stock in SpaceX, according to details of a court case brought by a Tesla shareholder against Musk over his infamous $56-billion compensation package, Fortune reported. Two of the tranches were worth $50 million each and were bought in 2019 and 2020 through a private investment firm. The third was bought for $20 million as a personal investment in 2019. Pitchbook estimates those stakes together are worth between $6.5 billion and $7.4 billion today. According to the 2023 court filing, James has long been connected to Musk, whom he met in the late 1990s. The two reconnected in the mid-2000s after James ordered a Tesla. James was later appointed to the Tesla board, and is currently listed as an independent director who joined the company in July 2017. He has made millions off of his Tesla shares, which he holds in a trust and another financial entity. Sales of Tesla shares have made the trust $107 million since Spring 2025 (2). Read More: Are you paying too much for car insurance? Here are 3 clever ways to slash your monthly bill The Murdoch family drama James, 53, is an avid investor and has already made billions of dollars through his father's empire. He served as the former chief executive of 21st Century Fox, but stepped down in 2019 (3) after it was acquired by Disney in a $71.3-billion deal (4). He made $2.2 billion in proceeds. The Murdoch family underwent a messy and public succession battle. Murdoch officially cut ties with his father after his older brother Lachlan was chosen as the new head of News Corp (5). The global media company owns dozens of organizations, including HarperCollins Publishers and the parent company of The Wall Street Journal and Barron's. Story Continues In 2025, a Nevada probate court ruled against a move (6) by Rupert and Lachlan to change the Murdoch Family Trust and strip James and his sisters Liz and Prue of their voting rights in News Corp. The parties came to an agreement after an appeal and each of the three siblings received a $1.1-billion payout. They also shed their stock in News Corp and Fox. The family feud became public after The New York Times (7) and The Atlantic (8) reported on the animosity. Murdoch and his father no longer speak. James Murdoch's potential windfall So far, it is still unconfirmed how much money Murdoch could stand to make from SpaceX. The company's S-1 document (9) attached to its initial public offering does not mention Murdoch. The precise date of his stock acquisitions is unknown, and could impact how much he makes. It is unclear whether Murdoch sold his SpaceX shares before the company went public. There have also been several dilutions, which could impact his earnings. Despite the lingering questions, Fortune is reporting that media industry executives have been exchanging rumors about the massive windfall Murdoch stands to make. You May Also Like 'Gold still crashing!': Robert Kiyosaki admits he was wrong — but doubles down on his $35K prediction The tax breaks in Trump's 'big beautiful bill' expire after 2028 — and experts say most people won't act in time. What to do before the window closes Here's the average income of Americans by age in 2026. Are you keeping up or falling behind? When he dies, Warren Buffett said 90% of his wife's inheritance will go into a single investment. Here's why (and how you can do it too) Join 250,000+ readers and get Moneywise's best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now. Article Sources We rely only on vetted sources and credible third-party reporting. For details, see ourethics and guidelines. Fortune (1); SEC (2); Variety (3); U.S. Securities and Exchange Commission (4); News Corp (5); The New York Times (6), (7); The Atlantic (8); Investopedia (9) This article originally appeared on Moneywise.com under the title: Rupert Murdoch's estranged son is set to make more from his SpaceX investment than he gained from his father's empire This article provides information only and should not be construed as advice. It is provided without warranty of any kind. View Comments
Banco do Brasil Embeds Agentic AI into Core Workflows to Strengthen Relationship Banking and Customer Engagement
Deployment of NiCE Copilot enables relationship managers and banking teams to deliver more personalized, efficient, and compliant service at scale HOBOKEN, N.J., July 14, 2026--(BUSINESS WIRE)--NiCE (NASDAQ: NICE) today announced that Banco do Brasil, one of Latin America's largest financial institutions, is leveraging NiCE Copilot to accelerate operational excellence and elevate customer service across its organization. Embedded natively within the unified NiCE CXone AI platform used by relationship managers and banking assistants, NiCE Copilot brings agentic AI-powered guidance and automation into everyday banking workflows. This seamless experience enables employees to work more efficiently, make informed decisions in real time, and deliver personalized compliant customer interactions – all from a single, integrated workspace. Serving more than 90 million customers, Banco do Brasil continues to invest in technologies that help scale personalized service while maintaining the trust, consistency, and governance required in modern banking. Through NiCE Copilot, the bank is equipping employees with AI-powered capabilities that streamline customer interactions, accelerate decision-making, and provide greater visibility into customer needs and engagement history. Banco do Brasil is centralizing critical customer service functions into a unified workspace. The solution automatically summarizes customer interactions, surfaces relevant customer history and engagement insights, and analyzes sentiment in real time, transforming fragmented information into actionable intelligence. This enables employees to prepare customer engagements faster, respond more effectively to customer needs, and deliver more consistent service experiences across the organization. NiCE Copilot also provides contextual guidance during customer interactions, helping employees access the right information at the right moment. By reducing time spent searching across systems and organizing customer data, the solution enables banking professionals to focus more on building customer relationships, identifying service opportunities, and delivering personalized financial support. In addition to improving efficiency, the deployment supports the bank's commitment to governance and compliance by creating standardized interaction summaries and a traceable record of customer engagements. These capabilities help strengthen operational consistency while supporting the rigorous regulatory requirements of the financial services industry. Story Continues The deployment is currently in a pilot phase, with early results demonstrating measurable improvements in productivity, reduced rework, greater consistency in customer interactions, and improved organization of customer information. These early gains reinforce the initiative's potential to further enhance relationship management and service delivery while continuing to operate at scale. This initiative builds on the ongoing innovation partnership between the two organizations. In 2025, Banco do Brasil integrated WhatsApp into the NiCE CXone platform, creating a centralized, secure, and traceable environment for customer interactions. "The integration of NiCE Copilot into our service model eliminates the need to switch between multiple systems, enabling our teams to manage customer interactions more efficiently within a single environment," said Analaura Morais, Head - CRM and Digital Customer Induction, Banco do Brasil. "This is especially significant for professionals managing multiple client relationships, as it accelerates workflows and enhances the overall service experience." "By embedding AI directly into the workflows of relationship managers and service teams, Banco do Brasil is transforming how customer relationships are managed," said Dan Belanger, President, NiCE Americas. "By equipping employees with real-time intelligence that improves productivity and helps deliver more meaningful and personalized customer experiences, the result is a more agile and customer-focused banking organization." About Banco do Brasil Banco do Brasil is one of the oldest and largest banks in Latin America, serving more than 90 million customers across Brazil with a focus on innovation, security, and relationship banking. About NiCE NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE's platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes. Trademark Note: NiCE and the NiCE logo are trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE's marks, please see: www.nice.com/nice-trademarks. Forward-Looking Statements This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Belanger are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the "Company"). In some cases, such forward-looking statements can be identified by terms such as "believe," "expect," "seek," "may," "will," "intend," "should," "project," "anticipate," "plan," "estimate," or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in general economic and business conditions; competition; successful execution of the Company's growth strategy; success and growth of the Company's cloud Software-as-a-Service business; rapid changes in technology and market requirements; the implementation of AI capabilities in certain products and services, decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; difficulties in making additional acquisitions or difficulties or effectively integrating acquired operations; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company's dependency on third-party cloud computing platform providers, hosting facilities and service partners; cyber security attacks or other security incidents; privacy concerns; changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy; our ability to recruit and retain qualified personnel; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the "SEC"). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the SEC, including the Company's Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260714494675/en/ Contacts Corporate Media Contact Christopher Irwin-Dudek, +1 201 561 4442, media@nice.com, ET Investors Ryan Gilligan, +1 551 417-2531, ir@nice.com, ET Omri Arens, +972 3 763-0127, ir@nice.com, CET View Comments
2 Bank Stocks to Consider Right Now and 1 That Underwhelm
2 Bank Stocks to Consider Right Now and 1 That Underwhelm Banks serve as the backbone of the economy, facilitating lending, deposits, and financial services that keep businesses and consumers moving forward. Furthermore, economic conditions have supported loan growth and fee income, a trend that has enabled the banking industry to return 10.6% over the past six months, almost identical to the S&P 500. Although banks have produced good results, only a handful will thrive over the long term as fintech disruptors are rapidly taking market share from traditional institutions. With that said, here are two bank stocks we think can generate sustainable market-beating returns and one we're steering clear of. One Bank Stock to Sell: Byline Bancorp (BY) Market Cap: $1.70 billion Ranking as the fifth most active Small Business Administration lender in the country, Byline Bancorp (NYSE:BY) is a Chicago-based bank that provides banking services to small and medium-sized businesses, commercial real estate developers, and consumers. Why Are We Wary of BY? Sales trends were unexciting over the last two years as its 7.1% annual growth was below the typical banking company Estimated net interest income growth of 3% for the next 12 months implies demand will slow from its five-year trend Performance over the past two years shows its incremental sales were less profitable, as its 4.6% annual earnings per share growth trailed its revenue gains At $37.37 per share, Byline Bancorp trades at 1.2x forward P/B. To fully understand why you should be careful with BY, check out our full research report (it's free). Two Bank Stocks to Watch: Axos Financial (AX) Market Cap: $5.53 billion Originally founded as Bank of Internet USA in 1999 before rebranding in 2018, Axos Financial (NYSE:AX) is a diversified financial services company that provides digital banking, securities clearing, and investment advisory solutions to retail and business customers nationwide. Why Should You Buy AX? Annual net interest income growth of 18.6% over the past five years was outstanding, reflecting market share gains this cycle Differentiated product suite is reflected in its best-in-class net interest margin of 4.8% Earnings growth has trumped its peers over the last five years as its EPS has compounded at 18.1% annually Axos Financial's stock price of $97.18 implies a valuation ratio of 1.7x forward P/B. Is now the right time to buy? See for yourself in our comprehensive research report, it's free. Old Second Bancorp (OSBC) Market Cap: $1.19 billion Dating back to 1871 as one of the Chicago area's longest-standing financial institutions, Old Second Bancorp (NASDAQ:OSBC) is an Illinois-based community bank offering deposit services, commercial and consumer loans, wealth management, and mortgage products through its 53 branch locations. Story Continues Why Does OSBC Stand Out? Impressive 21.5% annual revenue growth over the last five years indicates it's winning market share this cycle Annual net interest income growth of 27.4% over the last five years was superb and indicates its market share increased during this cycle Differentiated product suite results in a best-in-class net interest margin of 4.9% Old Second Bancorp is trading at $23.06 per share, or 1.2x forward P/B. Is now the time to initiate a position? Find out in our full research report, it's free. High-Quality Stocks for All Market Conditions WHILE YOU'RE HERE: Top 9 Market-Beating Stocks. The best stocks don't just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn't over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today. View Comments
Bank of America profit jumps 27% amid commercial loan growth and 'strong consumer spending'
Bank of America (BAC) stock rose 2% on Tuesday after the bank's profit jumped 27% last quarter to $9.1 bilion, with net income growth across every business segment. Management pointed to a healthy economic backdrop, broadening consumer loans, and resilient consumers. "The U.S. economy has proved more durable than expected, supported by the strong consumer, ongoing AI-driven investments across the board, and easing energy costs," CEO Brian Moynihan said during the bank's earnings call. "We continue to see strong consumer spending," he added later in the call. Earnings per share jumped 34% year-over-year, driven by commercial loan growth beyond artificial intelligence. "Whether it's business banking, the commercial bank, or the corporate bank, they're all contributing. It's very broad-based loan growth at this point," said Alastair Borthwick, CFO of BofA . (BAC ) Go deeper with AlphaSpace 60.55 +1.01 (+1.70%) As of 9:55:13 AM EDT. Market Open. Bank of America's net interest income, the profit made from loans minus interest paid to depositors, hit $16 billion, topping the Bloomberg consensus estimate of $15.92 billion. Management sees NII guidance for the full year at the upper end of a 6% to 8% range, which Wall Street analysts on the call viewed as conservative. "We're just up against tougher comps. That's all," said Borthwick. Bank of America's stock-trading revenue jumped 70% to $3.62 billion, smashing Wall Street consensus by nearly $1 billion, driven by increased client activity and strong trading performance, particularly in Asia and the US. The results echoed those of Wells Fargo (WFC), which also exceeded analysts' expectations for its second quarter earnings, boosted by a 13% year-over-year increase in revenue from its wealth management and investment banking businesses. Consumer banking and lending revenue grew 6% year-over year, as did commercial banking revenue. "We are clearly benefitting from the broad-based economic strength we see in the US, but the investments we are making and our improved operating discipline also drove strong momentum in our key business metrics across all operating segments," CEO Charlie Scharf said in the statement. Citigroup (C) also beat estimates on Tuesday, with net interest income of $17.13 billion versus estimates of $16.01 billion. Second-quarter equities sales and trading revenue jumped to $2.3 billion, coming in above expectations of $1.98 billion. Ines Ferre is a Senior Business Reporter for Yahoo Finance covering the US stock market, publicly traded companies, and commodities. Click here for in-depth analysis of the latest stock market news and events moving stock prices Read the latest financial and business news from Yahoo Finance View Comments
Stocks making the biggest moves premarket: JPMorgan Chase, Bank of America, IBM, Apple & more
Check out the companies making headlines before the bell: JPMorgan Chase — Shares were down slightly in the premarket after the banking giant posted Q2 results. The bank earned $6.14 per share, excluding significant items, on revenue of $58.02 billion. Analysts polled by LSEG expected a profit of $5.85 per share on revenue of $50.19 billion. To be sure, it wasn't clear if the bank's profit was comparable to the consensus. Bank of America — Bank of America beat expectations in its latest quarter. The bank posted earnings of $1.21 per share, more than the $1.13 expected by analysts polled by LSEG. Revenue of $31.7 billion also exceeded the $30.72 billion consensus estimate. To be sure, shares were flat in the premarket. Wells Fargo — The stock were down 1% even after Wells Fargo posted earnings of $2 per share on revenue of $22.62 billion. Analysts surveyed by LSEG were anticipating earnings of $1.72 per share on revenue of $21.84 billion. Apple — Shares of the iPhone maker slid about 1% KeyBanc downgraded Apple to underweight from sector weight, with a $250 price target implying 21% downside from Monday's close. The Wall Street firm expects the stock could come under pressure as customers tighten their purse strings in response to rising prices. IBM — The legacy tech giant plunged 17% after it posted weaker-than-expected preliminary Q2 earnings. IBM expects to report a profit of $2.93 per share, excluding certain items. Analysts polled by FactSet expect a profit of $3.01 per share. Telefonaktiebolaget LM Ericsson — Shares of the Swedish networking and telecommunications provider dropped nearly 10%. The company posted disappointing revenue of SEK52.70B, missing the consensus estimate of SEK53.94B, according to StreetAccount. Adjusted gross margin of 48.4% also came in below the 47.8% expected. — CNBC's Fred Imbert contributed reporting
IDBI stake sale advances with revised bids from Fairfax, Emirates NBD
India has received revised bids from Fairfax Financial and Emirates NBD for the purchase of its stake in IDBI Bank, as the long-running privatisation process moves into a crucial stage. The updated offers are being assessed, with a high-level group of bureaucrats having met on 13 July to review the proposed transaction. According to government sources cited by ANI, the disinvestment exercise is expected to be wrapped up within a month. The government of India and state-run Life Insurance Corporation of India (LIC) are proceeding with plans to sell their combined 60.7% stake in IDBI Bank. The government currently holds 45.48% in the lender, while LIC owns 49.24%. Based on prevailing market valuations, the deal is estimated at roughly USD 5.7 billion. If finalised, it would be one of the biggest foreign investments in India's banking sector, ANI reported. The sale process had earlier faced a setback. In March, Bloomberg reported that the Indian government's effort to divest a majority stake in IDBI Bank was paused because the bids submitted fell short of the minimum price requirement. Although officials did not formally identify the bidders, earlier reports had named Canada-based Fairfax Financial, led by billionaire Prem Watsa, and Dubai's Emirates NBD among the parties interested in securing a controlling stake in the bank. Bloomberg also reported in May that Indian authorities were weighing adjustments aimed at reigniting buyer interest after the most recent push to privatise the lender lost momentum. Among the options under consideration was a reduction of as much as 20% in the reserve price. Other recent overseas investments in India's banking industry include Emirates NBD's acquisition of a 60% stake in RBL Bank and Sumitomo Mitsui Banking Corp's purchase of a 24% stake in Yes Bank. Besides, the Reserve Bank of India approved Asia II Topco XIII, a Singapore-based Blackstone affiliate, to acquire as much as 9.99% of Federal Bank's paid-up share capital or voting rights. "IDBI stake sale advances with revised bids from Fairfax, Emirates NBD" was originally created and published by Retail Banker International, a GlobalData owned brand. View Comments
JPMorgan notches record quarter as CEO Jamie Dimon calls the banking environment 'close to as good as it gets'
The country's largest bank just raked in more quarterly profit than any US bank ever. JPMorgan Chase (JPM) said profits jumped 41% to $21.2 billion in its second quarter, or $7.70 per share, far exceeding the $5.64 per share analyst had expected. Total net revenue rose 28% to $57 billion, compared to $45 billion in the year-ago quarter. JPMorgan said a big profit boost came from a $4.6 billion net gain on the sale of Visa shares held by its corporate division. It noted another $1 billion of gains on certain equity investments. During its prior record quarter in 2024, JPMorgan also recognized gains related to its Visa shares. Without those one-time gains, the bank's net income of $16.9 billion would still have handily beaten the Street's expectations. "It's getting close to as good as it gets," CEO Jamie Dimon said when asked about the current banking environment during a Tuesday analyst call. "We're in a very healthy, active, exuberant market with very high prices and very high volumes. We benefit from that. We just don't know how long it will continue," he added. Dimon didn't shy away from pointing to the market's biggest risks, pointing to geopolitical tensions, wars, sticky inflation, and elevated asset prices. "We cannot predict how these forces will ultimately play out," he warned in the company's press release. "They can easily collide in a way that will surprise you," he added in a call with reporters. (JPM ) Go deeper with AlphaSpace 334.53 -1.94 (-0.58%) As of July 13 at 4:00:02 PM EDT. Market Open. JPMorgan's results kick off what analysts expect will be another strong earnings season for big banks. The industry has been buoyed by a resurgence in Wall Street activity, with its dealmaking and trading businesses benefiting from a swell in capital raising to fund the AI boom. For JPMorgan, equity trading jumped 86% from a year ago to a record $6 billion. The equity underwriting group, which includes underwriting initial public offerings, earned fees from several of the quarter's biggest AI-related deals. That includes SpaceX's (SPCX) blockbuster IPO and Alphabet's (GOOG, GOOGL) even larger follow-on stock sale. Revenue from that unit jumped 78% to $829 million. Other giants, including Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman Sachs (GS), also reported results Tuesday morning. JPMorgan's lending business remained a core profit engine in the period. Its net interest income rose 10% to $25.5 billion. The company also raised its full-year guidance for net interest income (excluding its Markets business) by $1.5 billion to $96.6 billion, according to an earnings presentation. Story Continues The bank's Main Street businesses showed US consumers remain in healthy conditions. Combined debit and credit card sales volume rose 10% from the year-ago period at its consumer bank. The company lowered the percentage of card loans it expects to write off this year to 3.2%, down from its 3.4% April projection. "We've talked about the consumer being fine, and I think relative to that, the consumer is maybe slightly better this quarter... the labor market remains quite resilient," JPMorgan CFO Jeremy Barnum said. "It's not a dramatic shift, but at the margin, I would say the consumer is a little bit stronger." David Hollerith covers a range of developments throughout the financial sector, from Wall Street to banking and asset management to crypto and fintech. Email him at david.hollerith@yahoofinance.com. Follow him on X at @DsHollers. Click here for in-depth analysis of the latest stock market news and events moving stock prices Read the latest financial and business news from Yahoo Finance View Comments
JPMorgan notches highest quarterly profit in US banking history
The country's largest bank just raked in more quarterly profit than any US bank ever. JPMorgan Chase (JPM) said profits jumped 41% to $21.2 billion in its second quarter, or $7.70 per share, far exceeding the $5.64 per share analyst had expected. Total net revenue rose 28% to $57 billion, compared to $45 billion in the year-ago quarter. JPMorgan said a big profit boost came from a $4.6 billion net gain on the sale of Visa shares held by its corporate division. It noted another $1 billion of gains on certain equity investments. During its prior record quarter in 2024, JPMorgan also recognized gains related to its Visa shares. Without those one-time gains, the bank's net income of $16.9 billion would still have handily beaten the Street's expectations. "It's getting close to as good as it gets," CEO Jamie Dimon said when asked about the current banking environment during a Tuesday analyst call. "We're in a very healthy, active, exuberant market with very high prices and very high volumes. We benefit from that. We just don't know how long it will continue," he added. Dimon didn't shy away from pointing to the market's biggest risks, pointing to geopolitical tensions, wars, sticky inflation, and elevated asset prices. "We cannot predict how these forces will ultimately play out," he warned in the company's press release. "They can easily collide in a way that will surprise you," he added in a call with reporters. (JPM ) Go deeper with AlphaSpace 334.53 -1.94 (-0.58%) As of July 13 at 4:00:02 PM EDT. Market Open. JPMorgan's results kick off what analysts expect will be another strong earnings season for big banks. The industry has been buoyed by a resurgence in Wall Street activity, with its dealmaking and trading businesses benefiting from a swell in capital raising to fund the AI boom. For JPMorgan, equity trading jumped 86% from a year ago to a record $6 billion. The equity underwriting group, which includes underwriting initial public offerings, earned fees from several of the quarter's biggest AI-related deals. That includes SpaceX's (SPCX) blockbuster IPO and Alphabet's (GOOG, GOOGL) even larger follow-on stock sale. Revenue from that unit jumped 78% to $829 million. Other giants, including Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), and Goldman Sachs (GS), also reported results Tuesday morning. JPMorgan's lending business remained a core profit engine in the period. Its net interest income rose 10% to $25.5 billion. The company also raised its full-year guidance for net interest income (excluding its Markets business) by $1.5 billion to $96.6 billion, according to an earnings presentation. Story Continues The bank's Main Street businesses showed US consumers remain in healthy conditions. Combined debit and credit card sales volume rose 10% from the year-ago period at its consumer bank. The company lowered the percentage of card loans it expects to write off this year to 3.2%, down from its 3.4% April projection. "We've talked about the consumer being fine, and I think relative to that, the consumer is maybe slightly better this quarter... the labor market remains quite resilient," JPMorgan CFO Jeremy Barnum said. "It's not a dramatic shift, but at the margin, I would say the consumer is a little bit stronger." David Hollerith covers a range of developments throughout the financial sector, from Wall Street to banking and asset management to crypto and fintech. Email him at david.hollerith@yahoofinance.com. Follow him on X at @DsHollers. Click here for in-depth analysis of the latest stock market news and events moving stock prices Read the latest financial and business news from Yahoo Finance View Comments
3 Russell 2000 Stocks We Keep Off Our Radar
3 Russell 2000 Stocks We Keep Off Our Radar Small-cap stocks in the Russell 2000 (^RUT) can be a goldmine for investors looking beyond the usual large-cap names. But with less stability and fewer resources than their bigger counterparts, these companies face steeper challenges in scaling their businesses. The high-risk, high-reward nature of the Russell 2000 makes stock selection critical, and we're here to guide you toward the right ones. Keeping that in mind, here are three Russell 2000 stocks to avoid and better alternatives to consider. Bloomin' Brands (BLMN) Market Cap: $722.6 million Owner of the iconic Australian-themed Outback Steakhouse, Bloomin' Brands (NASDAQ:BLMN) is a leading American restaurant company that owns and operates a portfolio of popular restaurant brands. Why Should You Sell BLMN? Lagging same-store sales over the past two years suggest it might have to change its pricing and marketing strategy to stimulate demand Sales are projected to be flat over the next 12 months and imply weak demand 6× net-debt-to-EBITDA ratio shows it's overleveraged and increases the probability of shareholder dilution if things turn unexpectedly At $8.45 per share, Bloomin' Brands trades at 10.1x forward P/E. Check out our free in-depth research report to learn more about why BLMN doesn't pass our bar. First Bancorp (FBNC) Market Cap: $2.66 billion Founded during the Great Depression in 1934 and originally known as Montgomery Bancorp, First Bancorp (NASDAQ:FBNC) is a community-oriented commercial bank providing a wide range of financial services to businesses and individuals in North and South Carolina. Why Do We Think Twice About FBNC? Muted 2% annual revenue growth over the last two years shows its demand lagged behind its banking peers Estimated net interest income growth of 4.4% for the next 12 months implies demand will slow from its five-year trend Incremental sales over the last two years were less profitable as its earnings per share were flat while its revenue grew First Bancorp is trading at $64.22 per share, or 1.6x forward P/B. Dive into our free research report to see why there are better opportunities than FBNC. Select Water Solutions (WTTR) Market Cap: $2.43 billion Managing over 24 billion barrels of produced water annually across major U.S. shale plays, Select Water Solutions (NYSE:WTTR) provides water sourcing, recycling, disposal, and treatment services for oil and gas producers. Why Does WTTR Worry Us? Revenue base of $1.40 billion puts it at a disadvantage compared to larger competitors exhibiting economies of scale Gross margin of 23.5% is below its competitors, leaving less money to invest in exploration and production Ability to fund investments or reward shareholders with increased buybacks or dividends is restricted by its weak free cash flow margin of 0.1% for the last five years Story Continues Select Water Solutions's stock price of $19.44 implies a valuation ratio of 38.1x forward P/E. Read our free research report to see why you should think twice about including WTTR in your portfolio, it's free. Stocks We Like More WHILE YOU'RE HERE: Top 9 Market-Beating Stocks. The best stocks don't just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn't over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today. View Comments
The Zacks Analyst Blog Highlights SAP, UBS Group, Cadence, Village Super Market and Medalist Diversified
For Immediate Release Chicago, IL – July 14, 2026 – Zacks.com announces the list of stocks and ETFs featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: SAP SE SAP, UBS Group AG UBS, Cadence Design Systems, Inc. CDNS, Village Super Market, Inc. VLGEA and Medalist Diversified, Inc. MDRR. Here are highlights from Tuesday's Analyst Blog: Top Research Reports for SAP, UBS and Cadence The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including SAP SE, UBS Group AG and Cadence Design Systems, Inc., as well as two micro-cap stocks Village Super Market, Inc. and Medalist Diversified, Inc. The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today. You can see all of today's research reports here >>> Ahead of Wall Street The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning. You can read today's AWS here >>> Q2 Earnings & Inflation Numbers to Inform Trading Week Today's Featured Research Reports Shares of SAP have underperformed the Zacks Computer - Software industry over the past year (-46.6% vs. -27.5%). The Middle East conflict and broader macroeconomic and geopolitical uncertainty remain headwinds for the company. Despite these risks, it reaffirmed its full-year 2026 guidance, including 23-25% cloud revenue growth at cc to €25.8-€26.2 billion. Software support revenue is likely to decline faster as more customers shift to the cloud. Nevertheless, SAP's performance hinges on its high-growth cloud business, expanding margins, AI-driven differentiation and strong capital returns. Public cloud orders are gaining momentum, making up a major chunk of its quarterly volume, while SAP continued to gain market share against best-of-breed software vendors. SAP expects AI-driven consumption models to lead cloud revenue growth by 2030. Rapid uptake of Rise with SAP and Grow with SAP solutions is aiding sales while SAP Business AI, Business Data Cloud and Sovereign Cloud are gaining solid traction. (You can read the full research report on SAP here >>>) UBS' shares have outperformed the Zacks Banks - Foreign industry over the past year (+46.8% vs. +46.4%). The company's earnings surpassed estimates in all the trailing four quarters. After completing the migration of former Credit Suisse clients, it remains on track to complete the integration by 2026, targeting nearly $13.5 billion in gross cost savings. The strategic partnership with MSCI is expected to strengthen its private markets capabilities and client solutions. Net interest income (NII) growth and a strong capital position will support top-line growth. However, elevated digital infrastructure and integration costs remain a concern. Despite progress in resolving Credit Suisse's legacy issues, litigation and regulatory uncertainty may still pressure earnings. Its high debt/equity ratio raises concerns about capital distribution sustainability. (You can read the full research report on UBS here >>>) Shares of Cadence have outperformed the Zacks Computer - Software industry over the past year (+20.7% vs. -27.5%). The company's top line performance is benefiting from higher design complexity and rising customer spend on AI-driven automation. Amid rapid AI proliferation, the Cadence.ai portfolio has been gaining strength and the new product launches (like AgentStack along with ChipStack, ViraStack and InnoStack AI Super Agents) are expected to aid in sustaining the momentum. The hardware systems continue to gain traction from AI, HPC, robotics and automotive companies. The inorganic strategy is the calculated execution of its Intelligent System Design vision. Backlog stood at $8 billion. Management now expects 2026 revenues to be between $6.125-$6.225 billion compared with $5.3 billion in 2025. Offsetting these positives, the Hexagon D&E acquisition is expected to be dilutive to the 2026 bottom line. (You can read the full research report on Cadence here >>>) Village Super Market's shares have outperformed the Zacks Retail - Supermarkets industry over the past year (+20% vs. +17.5%). This microcap company with a market capitalization of $637.55 million sees its long-term outlook supported by a robust investment cycle focused on larger replacement stores, remodels, merchandising initiatives and technology upgrades that should expand selling capacity, improve productivity and sustain revenue growth. Healthy same-store sales, new store openings and continued expansion projects provide additional growth visibility. Strong operating cash flow enables the company to fund capital investments, reduce debt and maintain consistent dividend payments without relying heavily on external financing, while lower interest expenses and disciplined debt management further improve earnings quality and financial flexibility. However, risks include persistent margin pressure from higher promotional, warehouse, labor and operating costs, significant dependence on Wakefern for merchandise and services. The stock trades at a meaningful discount to peers on EV/sales. (You can read the full research report on Village Super Market here >>>) Shares of Medalist Diversified have gained +4.6% over the past year against the Zacks REIT and Equity Trust - Other industry's gain of +14.1%. This microcap company with a market capitalization of $18.25 million is transitioning from a traditional REIT to an asset-light DST sponsor, with fee income expected to replace property ownership as its primary earnings driver. The inaugural Tesla Pensacola DST validates the strategy, though monetization remains early and near-term results reflect launch costs rather than recurring fees. Asset sales have strengthened liquidity, reduced debt and improved flexibility, while the remaining portfolio is concentrated in high-occupancy, net-lease assets with strong tenant credit profiles. Yet execution risk remains elevated until DST fundraising scales and fee income become recurring. Dividend sustainability depends on improving operating cash flow rather than one-time asset gains. The valuation suggests investors remain skeptical of the transition, leaving meaningful upside if MDRR successfully scales recurring DST fee income. (You can read the full research report on Medalist Diversified here >>>) Story Continues Free: Instant Access to Zacks' Market-Crushing Strategies Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year. Today you can tap into those powerful strategies – and the high-potential stocks they uncover – free. No strings attached. Get all the details here >> Media Contact Zacks Investment Research 800-767-3771 ext. 9339 support@zacks.com https://www.zacks.com Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UBS Group AG (UBS) : Free Stock Analysis Report SAP SE (SAP) : Free Stock Analysis Report Cadence Design Systems, Inc. (CDNS) : Free Stock Analysis Report Village Super Market, Inc. (VLGEA): Free Stock Analysis Report Medalist Diversified REIT, Inc. (MDRR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research View Comments
Waller says Fed shouldn't 'fight the last war' on inflation but warns hikes still possible
Federal Reserve Governor Christopher Waller on Monday expressed concern about inflation but cautioned against "fighting the last war," saying the central bank should wait for more data before raising interest rates. In remarks delivered for a speech in New York, Waller said inflation has expanded beyond the often-cited drivers such as the energy price spike in tariffs. Rather, he cited other factors, particularly artificial intelligence, as root causes for why price increases have held stubbornly above the Fed's 2% target. Waller warned that "the desire to avoid past mistakes is often the author of new ones." "I am cognizant of the mistake we made in 2021 by not responding sooner to the high inflation we observed, and I am determined to avoid repeating it," he said. However, he said that doesn't reflexively mean raising interest rates to head off the current spate of price increases. Waller said there is still "a credible case for inflation to begin to fall back" but noted there is an "equally plausible" scenario where inflation could stay elevated or increase, "requiring tighter monetary policy in the near term." The policymaker emphasized a deliberate approach as policymakers evaluate the root causes of inflation, which he listed as tariffs implemented in 2025, the rising energy prices associated with fighting in the Middle East – and "spillovers from demand" from artificial intelligence. "As always, we need to avoid making the mistake of fighting the last war and reacting too soon to tighten inflation, merely because we waited too long last time," he said. "But we also must avoid repeating the same mistake we made in 2021 and 2022 by waiting too long to respond." Waller cited two factors working in the Fed's favor this time around: A stronger labor market that isn't a meaningful source of inflation, and well-anchored inflation expectations, at least by market-based measures. He cautioned, though, against becoming complacent. "I often hear people say that because inflation expectations are anchored, central bankers do not have to respond to above-target inflation. This view is wrong," he said. "Sternly staring at inflation until it melts before our withering gaze is not an option." Waller's remarks come the day before the Bureau of Labor Statistics releases its June reading on the consumer price index. Economists surveyed by Dow Jones expect the gauge to show a decline of 0.2% for the month on the all-items headline reading, owing to a sharp decline in oil, and a 0.2% core increase excluding food and energy. On an annual basis, that would take the headline reading down to 3.8%, from 4.2% in May, and core to 2.8%, from 2.9%. "I would be very pleased to see a lower reading on core inflation, but after its escalation over the first half of this year, I will need to see several months of lower readings to feel that inflation is moving in the right direction," Waller said. "For the reasons I have laid out today, I think that is still a reasonable outcome, and I would then continue to hold the policy rate at its current target range." The Fed meets again in late July, with markets pricing in about a 39% chance of a rate increase, according to the CME Group. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: Nio, Braiin, AppLovin, SpaceX, SK Hynix & more
Check out the companies making the biggest moves midday: Braiin — The AI platform stock surged 62% after the company launched its Aria, an AI agent designed for the real estate industry. "We believe this creates a scalable recurring software opportunity within a global real estate software market forecasted to reach approximately $32 billion by 2033," CEO Natraj Balasubramanian said in a statement. AppLovin — The software stock tumbled 12%, making it the worst-performing S & P 500 member to start the week. The decline also put AppLovin on pace for its sixth daily loss in seven sessions. Biogen — Shares added almost 2% after Truist upgraded the biotechnology name to buy from hold. Truist said the stock could see upside after Biogen releases the latest data from investigational drug trials. Nio — U.S.-listed shares of the China-based electric vehicle company rose 3%. Goldman Sachs upgraded the stock to buy from neutral , saying Nio should deliver fast volume growth, a premium margin profile and a strong profit/free cash flow turnaround this year. Its new price target of $7 suggests 46% upside from Friday's close. SpaceX — Elon Musk's rocket company tumbled to a fresh post-IPO low, inching closer to its offering price of $135. Shares are down nearly 4% in midday trading and have lost more than 13% over the past week. The downward move in the stock comes despite the Federal Aviation Administration announcing it had closed an investigation, which clears the way for SpaceX to conduct a flight test as early as this week. SK Hynix — U.S.-listed shares of the South Korean chipmaker tumbled 8% after their debut on the Nasdaq on Friday — when they popped nearly 13%. Seoul-listed shares of the company sunk more than 15% , posting their worst day in history. Memory and chips stocks — The group was under pressure as investors again took another look at the viability of the artificial intelligence trade. The Roundhill Memory ETF (DRAM) was off 9% as Sandisk tumbled 12%, while Western Digital and Micron Technology were off 6% and 4%, respectively. Meanwhile, the iShares Semiconductor ETF (SOXX) was off 4%, while Intel declined more than 5% and Advanced Micro Devices fell 3%. MGM Resorts International — The hospitality company rose more than 1% after The Wall Street Journal reported the company is in private talks with Barry Diller. Diller's People in early June made an offer to buy the company, and MGM has not publicly responded to the offer yet. Energy stocks — Shares of energy companies were higher as oil prices rose more than 4% after President Donald Trump reinstated a blockade on Iranian ships on the Strait of Hormuz. Valero Energy rose by 4%, while ConocoPhillips was higher by nearly 3%. APA rose 2.5%, while Exxon Mobil and Chevron were up 3% and 2%, respectively. Shopify , Deckers Outdoor Group — Shares of both companies were higher after Jefferies upgraded the stocks to buy. On Shopify, analysts said it has strong fundamentals and that agentic commerce is a long-term tailwind. They also said Deckers has upside potential thanks to product innovation at its sportswear brand Hoka. Shopify rose 2%, while Deckers advanced 2%. — CNBC's Michelle Fox, Christina Cheddar Berk, Alex Harring and Fred Imbert contributed reporting.
Stocks making the biggest moves premarket: SK Hynix, Micron, MGM Resorts & more
Check out the companies making the biggest moves premarket: SK Hynix — U.S.-listed shares of the South Korean chipmaker tumbled 8% after their debut on the Nasdaq on Friday — when they popped nearly 13%. Seoul-listed shares of the company sunk more than 15% , posting their worst day in history. Memory and chips stocks — A slew of names were under pressure as investors again took another look at the viability of the artificial intelligence trade. The Roundhill Memory ETF (DRAM) was off 9% as Sandisk tumbled 5.5%, while Western Digital and Micron Technology were off 5%. Meanwhile, the iShares Semiconductor ETF (SOXX) was off 2%, while Intel declined more than 2.5% and Advanced Micro Devices fell 2%. CCC Intelligent Solutions — Shares of the software company were higher by 2% after a Bloomberg report said Elliott Investment Management has built a large stake in the company. The stake was taken before CCC began talks of a potential sale, Bloomberg reported. MGM Resorts International — The hospitality company rose more than 2% after The Wall Street Journal reported the company is in private talks with Barry Diller. Diller's People Inc in early June made an offer to buy the company, and MGM has not publicly responded to the offer yet. Energy stocks — Shares of energy companies were higher as oil prices rose more than 3% after fresh strikes over the weekend between the U.S. and Iran. Valero Energy rose by 1.5%, while ConocoPhillips was higher by 1%. APA Corporation rose 2%, while ExxonMobil and Chevron were up 1%. Fastenal — The industrial and construction supplies company was up by 1% after Rothschild & Co Redburn initiated coverage on the stock with a buy rating. Analysts at the firm are bullish about Fastenal's outlook thanks to a shift by the company toward larger, more complex customers. Shopify , Deckers Outdoor Group — Shares of both companies were higher after Jefferies upgraded the stocks to buy. Shopify, which was rising by 2.5%, analysts at Jefferies said has strong fundamentals and that agentic commerce is a long-term tailwind. Deckers, which was up by 2%, analysts said has upside potential thanks to product innovation at its sportswear brand Hoka.
ThinkCareBelieve: Week 77 The Trump Administration Answers The Call
Washington, DC, July 11, 2026 (GLOBE NEWSWIRE) -- ThinkCareBelieve announces a New Report on Eventsthat transpired during Week 77of the Second Term of the Trump Administration, part of a weekly series covering all the exciting achievements and events as they happened since President Trump took office in January 2025. The article can be accessed in full at https://thinkcarebelieve.blog/2026/07/11/week-77-the-trump-administration-answers-the-call/ This article provides details and direct links to primary sources covering the following: 1) Why did Robert Mueller show up in the emails that the FBI found in the SCIF closet? 2) How is planned major rollback of regulations going to save taxpayers money? 3) How are states’ FEMA funding going to be affected by not passing the SAVE America Act? 4) How does DHS SAVE database make America safer? 5) Why are Democrats so angry at John Fetterman? ThinkCareBelieve’s mission for Peace advocacy facilitates positive outcomes and expanded possibilities. To achieve Peace, we will find the commonalities between diverse groups and bring the focus on common needs, working together toward shared goals. Activism is an important aspect of ThinkCareBelieve, because public participation and awareness to issues needing exposure to light leads to justice. Improved transparency in government can lead to changes in policy and procedure resulting in more fluid communication between the public and the government that serves them. The article highlights events that took place in America, and can be used as a reference, a resource or a review. America’s Weekly Golden Chronicle here: https://thinkcarebelieve.blog/2025/12/01/americas-weekly-golden-chronicle-list/ The Trump Administration’s Agenda for Greatness: https://thinkcarebelieve.blog/2026/03/28/the-trump-administrations-agenda-for-greatness/ How President Trump Helped Real People: https://thinkcarebelieve.blog/2024/10/22/how-president-trump-really-helped-real-people/ The Seth Rich FBI Files: https://thinkcarebelieve.blog/2026/07/09/the-seth-rich-fbi-files/ Finding the Children: https://thinkcarebelieve.blog/2026/07/11/finding-the-children/ ###
Baker Hughes (BKR) Secures Long-Term Service Agreement for ANOH Gas Plant
Baker Hughes Company (NASDAQ:BKR) is one of the best stocks to invest in under $100. On June 23, Baker Hughes announced a significant long-term service agreement with ANOH Gas Processing Company/AGPC for the ANOH Gas Processing Plant in Nigeria. The contract covers lifecycle support, including parts, repair services, and engineering advisory for the facility's critical turbomachinery, specifically its two NovaLT16 gas turbines. In addition to traditional maintenance, the agreement incorporates iCenter digital services powered by Cordant for remote monitoring and diagnostics. These tools are designed to optimize equipment reliability and operational availability, supporting the plant's role as a vital contributor to Nigeria's domestic gas supply and power generation goals.Baker Hughes (BKR) Secures Long-Term Service Agreement for ANOH Gas Plant This partnership expands on a 2019 collaboration where Baker Hughes originally supplied the plant's power island solution. Work will be managed through the company's service center in Port Harcourt, leveraging local talent to assist Nigeria's transition toward lower-carbon fuel sources. Baker Hughes Company (NASDAQ:BKR) is an energy technology company that develops and delivers technologies for the entire hydrogen value chain. Its main products are hydrogen-enabled turbines, compressors, valves, centrifugal pumps, non-metallic pipes, sensors, and monitoring systems. While we acknowledge the potential of BKR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on thebest short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. Disclosure: None. Follow Insider Monkey on Google News. View Comments
These underperforming trades could yield big returns over next six months
Overlooked market areas may have a banner second half of the year. ETF Action co-founder Mike Akins is encouraging investors to boost exposure to groups that underperformed compared with major artificial intelligence stocks. He told "ETF Edge" this week that his list includes software and cloud computing names. Many have fallen from "nosebleed valuations" and have "very strong growth scenarios." "These companies prove that 'yes,' we still do need software to do our day-to-day jobs," Akins said. He is also flagging disruptive technology as a strong buy for the next six months. "It's a thematic strategy," Akins noted. "It kind of plays a little bit further down market into the mid [and] small-cap range. Those names have been kind of left behind in this mega-cap, semiconductor-led market …. Those could do quite well when you look through to their earnings growth estimates by the analysts. It's just a pretty rosy set up." Akins, who was head of exchange-traded funds at ALPS before co-launching his independent financial tech and research firm, also highlights opportunities among the underperforming "Magnificent Seven" index, which is comprised of Nvidia, Microsoft, Alphabet, Amazon, Meta, Apple and Tesla. "Who [would have] thought that Mag 7 was going to be flat year-to-date at the halfway market," said Akins, who considers the group as a sound catch-up trade for the year's second half. The Magnificent Seven underperformed the Nasdaq-100 in the first half of the year, falling more than 2% while the Nasdaq-100 gained nearly 20%. The momentum may already be materializing. In the early trading days of the year's second half, the Magnificent Seven index is up 5% while the Nasdaq-100 is 1% lower as of Friday's close. Plus, Akins expects small and mid-cap companies as favorable spots going into 2027, noting how small-caps in particular have performed incredibly well this year. "All of the down-market names are really starting to catch up," he said. "I think you could see that continuing throughout the year — not just from growing earnings [and] growing revenue, but also from an expansion of multiples that [have been] extremely depressed over the last several years." So far this year, the Russell 2000 index, which tracks small-cap stocks, is up almost 20% while the broader S&P 500 is up almost 11%. Disclaimer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: SK Hynix, Meta, WD-40, Delta, Vodafone & more
Check out some of the companies making the biggest moves midday: Meta Platforms — The Instagram and WhatApp parent jumped almost 6%, extending a weekly gain to more than 14%, the most since early 2024, boosted by a Reuters report saying Facebook is looking to put an AI chip into production in September, and suggesting its compute costs will come in lower than Wall Street expected. SK Hynix — The South Korean semiconductor company opened at $170 on the Nasdaq, then rose about 17%, as U.S. investors jumped at the opportunity to get a stake in South Korea's second most valuable company. The company's American depositary receipts priced at an initial $149, raising $26.5 billion for its aggressive expansion plans, including investing in new factories and equipment. Marvell Technology , Intel — The chipmakers fell about 3% in the wake of the debut of South Korean chipmaker SK Hynix on Nasdaq. Seagate Technology — The data storage provider rose almost 2% after Wells Fargo upgraded Seagate to overweight from equal weight. The recent pullback has created a more attractive entry point, the bank said, raising its price target to $1,100, citing an eventual path to more than $50 a share in earnings and laying the groundwork for added share buybacks and dividends. WD-40 Company — The household and industrial lubricants maker rallied 10% after it posted third-quarter earnings of $2.33 per share, on an adjusted basis, above the $1.56 earnings per share expected by analysts polled by FactSet. The company also hiked full-year guidance. Delta Air Lines — The airline dipped more than 2% after second-quarter earnings beat top- and bottom-line estimates. CEO Ed Bastin told CNBC in an interview that he expects pricing power from the surge in jet fuel prices earlier this year to last, even as oil prices fall. Delta is up 14% in the past month. Circle Internet Group — The fintech company rose 6% after receiving approval from the U.S. Office of the Comptroller of the Currency to launch its crypto-focused bank. CEO Jeremy Allaire said in a statement that the approval marked a key moment in bringing blockchain technology into the core of the financial system. Vodafone Group — U.S.-listed shares of the wireless provider jumped 13% after French billionaire Xavier Niel took a 16% stake in Vodafone, worth about $6 billion, making him the largest holder, Reuters reported. Netflix — The streaming platform fell 3% after a report in the Wall Street Journal said Neflix has discussed adding live television channels and explored bundling its offerings with other streaming services. The moves come as subscriber engagement shows signs of decline, the Journal said. Seagate Technology — The data storage company rose more than 2% after Wells Fargo raised its recommendation to overweight from equal weight, saying the recent market pullback created a more attractive entry point. Analysts raised their price target to $1,100, citing a path to more than $50 a share in earnings over time and what they described as significant capacity for capital returns, including share buybacks and dividends. Shopify — The stock gained almost 2% after Stifel Financial upgraded its rating to buy, saying Shopify can continue to execute further share gains in e-commerce space. Lamar Advertising Company — The billboard company fell nearly 3% after Citigroup cut its recommendation to neutral from buy. Lamar expects to generate $8.50 to $8.70 in adjusted funds from operations per share in 2026, while Citi forecasts $8.72 per share. Citi said Lamar's risk-reward is unfavorable. — CNBC's Davis Giangiulio, Yun Li, Ananya Chetia and Sarah Min contributed reporting
Stocks making the biggest moves premarket: Delta, Circle, Vodafone, Intel and more
Check out the companies making the biggest moves premarket: WD-40 Company — Shares of the maker of household and industrial lubricants rallied more than 15% after it posted third-quarter earnings of $2.33 per share, on an adjusted basis, which topped the $1.56 earnings per share expected by analysts polled by FactSet. The company also hiked its full-year guidance. Delta Air Lines — The stock slipped more than 3% despite the company beating top- and bottom-line estimates in its second-quarter earnings report . CEO Ed Bastin told CNBC in an interview that he expects pricing power from the surge in jet fuel prices for the company to last, even as oil prices fall. Circle Internet Group — Shares rose more than 13% after the fintech company received approval from the U.S. Office of the Comptroller of the Currency to launch its crypto-focused bank. CEO Jeremy Allaire said in a news release that the approval marked a key moment in bringing blockchain technology into the core of the financial system. Vodafone Group — U.S.-listed shares of the telecommunications company jumped 13% after it was revealed French billionaire Xavier Niel took a 16% stake in the company, worth about $6 billion. That makes Niel the largest Vodafone shareholder. Netflix — The streaming platform edged higher after a report from the Wall Street Journal that the company has discussed adding live television channels to its offerings and explored bundling their product with other streaming services. The Journal, which cited people familiar with the matter, added that the discussions came as subscriber engagement showed signs of decline. Marvell Technology , Intel , Sandisk — Ahead of the debut of South Korean chipmaker SK Hynix on the Nasdaq, memory and chips stocks were broadly lower. Leading the declines were Intel, which was off almost 2%, and Sandisk, which slipped more than 1.5%. Marvell Technology was also off by 1%. — CNBC's Sarah Min contributed reporting
Analysis-Trump makes the stock market his scoreboard, but many Americans aren't even in the game
By Jacob Bogage WASHINGTON, July 10 (Reuters) - U.S. President Donald Trump began this week with an Oval Office first: ringing the stock market's opening bell. The moment captured a defining feature of his second term. Trump has increasingly cast Wall Street's gains as a measure of his presidency, treating record stock prices as proof that his policies are working even as many Americans remain squeezed by high living costs and millions own no stock at all. It is a political and economic calculus that some economists say risks conflating the fortunes of financial markets with the broader experience of U.S. households, roughly four in 10 of which do not have money in the markets. Trump has pointed to rising equities as validation for policies ranging from his war with Iran to sweeping global tariffs and signature domestic legislation, while seeking to steer more Americans toward stock ownership and embedding the federal government directly into the balance sheets of some of the country's corporate titans. Administration officials say Trump's focus is part of a broader legacy project to increase household participation in capital markets, an effort that has earned praise from investors who say the White House has a finger on the pulse of the economy. Trump routinely cites a rising stock market as a signal of a thriving country, raising the theme during meetings with global leaders, at rallies, even at military ceremonies. In June, before awarding three servicemembers the Medal of Honor, the highest U.S. military recognition, Trump told his audience, "The stock market just hit a new all-time high, the 401(k)s are at a new all-time high, and oil is dropping like a rock." Republicans' $4.1 trillion "One Big Beautiful Bill" created government-seeded investment accounts for newborns known as "Trump accounts." In February, Trump also unveiled plans to match up to $1,000 in 401(k) contributions for workers who enrolled in so-called "Trump IRA" accounts. His economic agenda has focused almost exclusively on the growth of businesses as a proxy for household financial health. The administration also has cut deals with major companies, including taking an equity stake in Intel and a "golden share" in U.S. Steel, and inking revenue-sharing agreements with Nvidia and AMD. Trump points to those firms' successes as signs of a growing economy rather than the effects of nearly unprecedented federal market intervention. 'K-SHAPED ECONOMY' But some economists say that focus neglects a large share of Americans. Roughly 40% of the country owns no stock at all, according to Gallup polling, and the wealthiest 1% own more than half of U.S. capital market investments. Story Continues The division underscores what economists have described as a "K-shaped" economy where spending by wealthy households props up the market while middle- and low-income households cut back. The U.S. stock market has gained $15 trillion since Trump returned to office, about a 25% increase, and stocks account for roughly a third of household wealth. But those gains are heavily consolidated among the wealthiest Americans, whose assets are dominated by equities. For the bottom half of households, wealth is more likely tied to real estate and durable goods, leaving their short-term personal finances largely unaffected by stock market growth. The U.S. economy is largely on steady footing with healthy growth and low unemployment, but recent inflation - in part caused by the Iran war - has led some consumers to sour on their economic outlook. White House spokesman Kush Desai in a statement said Trump was "simultaneously focused on ensuring every American has a stake in the successes of America's next golden age with their own piece of the pie." AN IMPERFECT METRIC Trump himself is heavily exposed to the market. In the first three months of 2026, his investment accounts completed 3,600 stock trades worth between $212 million and $695 million, according to his financial disclosures. "You know why I'm profiting? Because the stock market's going up, everybody's profiting," he said last week. Some of Trump's most ardent backers acknowledge that the metric the president relies on may not always reflect the health of the overall economy. "It's not a perfect correlation. There are other measures of how businesses are doing," said Stephen Moore, a conservative economist who periodically advises Trump and White House officials. "But a valuation of their stock is an important indication." Critics accuse Trump of reversing major policy decisions after market declines, including rolling back parts of his trade war after stocks plunged following its announcement. He's also weighed the market when discussing the Iran war, wary of gaining a reputation similar to President Herbert Hoover, who presided over the 1929 stock market crash. At June's Group of Seven summit, Trump said he noticed that "every time we talked about the possibility of peace, the stock market shot up like a rocket ship." "This is the way that people can get his attention or society can get his attention," said Alex Jacquez, chief of policy and advocacy at the liberal think tank Groundwork Collaborative. "Where it's dangerous is that it only seems to assert itself when corporate or financial interests are at stake." Measuring economic success through the stock market leaves out young people without much equity exposure, as well as women and minority groups who are underrepresented in capital markets, Jacquez said. It also does not measure the health of small businesses - the backbone of the U.S. labor market - and privately held firms. Many economists prefer to look at the country's annual total economic output, or gross domestic product, and wage growth to gauge the health of the economy. U.S. GDP grew by a reasonable 2.1% in 2025, and average hourly wages increased by 3.5%, giving workers a raise but not enough to outpace recent inflation. Happy investors say the president's attention will prevent "black swan events," or surprise, large-scale financial shocks, from rattling markets. Trump administration officials have echoed the sentiment, but some on Wall Street are skeptical the president can permanently shield markets from downturns. "Having President Trump always focused on the market helps investors sleep well at night," said Dan Ives, global head of tech research at Wedbush Securities. "It almost creates some natural guardrails." (Additional reporting by Dan Burns; Editing by Colleen Jenkins and Deepa Babington) View Comments
Kevin Warsh names members of his Federal Reserve task forces, including Marc Andreessen, Doug McMillon
Federal Reserve Chairman Kevin Warsh on Thursday released names of the experts who will comprise five task forces to examine the institution's operations — a list that includes several prominent Wall Street names, business leaders and a wide expanse of academicians and former Fed officials. Warsh first disclosed his intention to create the task forces last month, saying they would tackle communications, data, the Fed's balance sheet, data, productivity and jobs and the framework for the policymakers view inflation. Among the prominent names involved are venture capitalist Marc Andreessen, former Bank of England Governor Mervin King, and Greg Mankiw, former chairman of the White House's Council of Economic Advisers. Doug McMillon, the former CEO of Walmart, leads the names of business executives involved. "I am honored that the best minds from a range of disciplines have agreed to work with us to sharpen our performance as an institution," Warsh said. "The goal is straightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time." A Fed news release did not indicate a timeline of when the task forces would complete their work, though Warsh has indicated he expects changes to come this year. The statement also noted that the panels will "operate independently, with a mandate to follow the evidence, provide candid feedback, and produce rigorous findings" that will be reported back to officials on the Federal Open Market Committee. Members of the panels represent a swath of interests, spanning ideologies and backgrounds. Others named to the task forces include Raghuram Rajan, former governor the Reserve Bank of India; former Fed Governor Jeremy stein and William White, a Canadian economist who warned about central bank easy money prior to the 2008 global financial crisis. For Andreesen, this is the second prominent appointment in recent days, having been named in late June to the U.S. Defense Policy Board, a civilian advisory group for the Pentagon. When he initially announced the task forces, Warsh, who has been chairman for less than two months, said the groups would "start with first principles; ask hard questions; examine current practice; consider alternatives; and, ultimately, propose next steps for policymaker consideration." This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Stocks making the biggest moves midday: Micron, Paramount Skydance, Mara Holdings, PepsiCo & more
Check out the companies making the biggest moves midday: Micron Technology — The memory chipmaker rose more than 7% after the company said it will invest up to $3 billion to " strengthen the U.S. semiconductor supply-chain ecosystem ." Shares also rose as part of a broader move higher in the semiconductor space. Mara Holdings – Shares of the bitcoin miner and digital infrastructure company surged 15%. Mara said it will acquire land in Matagorda County, Texas from HIF USA, a renewable fuels company. Mara said the site, which includes more than 1,200 acres, will eventually more than double the company's power capacity to about 4.8 gigawatts across its portfolio. HIF will keep a minority stake in the project. Paramount Skydance — Shares fell 6% on Thursday after Reuters reported , citing two people familiar with the matter, that several U.S. states are planning to file an anti-trust lawsuit against the entertainment conglomerate over its acquisition of Warner Bros. Discovery . Qiagen – The molecular diagnostics company surged 10% after Bloomberg News reported , citing people familiar, that firms like EQT , AllianceBernstein , and KKR are interested in taking Qiagen over. Some of the prospective buyers have suggested they could weigh offering at least $50 a share if they move forward, some of these people told Bloomberg. AstraZeneca — The biopharmaceutical company tumbled 6% after its heart disease drug, Wainua, failed to meet its target in a late-stage clinical trial. PepsiCo — The snack and beverage giant reported mixed results for its second quarter . PepsiCo's adjusted earnings of $2.20 per share fell short of the $2.21 a share expected from analysts polled by LSEG. Revenue was $24.18 billion, above the $23.95 billion consensus estimate. Shares fell 3%. Salesforce — The stock shed 2% following a downgrade at KeyBanc to sector weight from overweight. The firm said it is difficult to find evidence of future upside based on checks and consumer conversations, as well as disclosed numbers from the company. Levi Strauss — The denim giant rose 2.3% after its second-quarter earnings and revenue topped anayst expectations. Cerebras Systems -- Shares moved 11% higher after the AI infrastructure company announced a major European expansion . Cerebras, which brings its first European data center capacity online by the end of the year, plans to expand total capacity to 2000 megawatt in 2027 with more data centers across the continent. Costco -- The wholesale club lost 4% after reporting decelerating comparable sales for June. Costco's comps rose 8.8% year over year in June, versus the 12.5% gain it saw in May . — CNBC's Tanaya Macheel, Darla Mercado, Liz Napolitano and Fred Imbert contributed reporting.
Stocks making the biggest moves premarket: AstraZeneca, PepsiCo, Salesforce, Levi & more
Check out the companies making the biggest moves in premarket trading: AstraZeneca — The biopharmaceutical company tumbled 8% after its heart disease drug, Wainua, failed to meet its target in a late-stage clinical trial. PepsiCo — The snack and beverage giant reported mixed results for its second quarter . PepsiCo's adjusted earnings of $2.20 per share fell short of the $2.21 a share expected from analysts polled by LSEG. Revenue was $24.18 billion, above the $23.95 billion consensus estimate. Shares fell 1%. Salesforce — The stock shed 4% following a downgrade at KeyBanc to sector weight from overweight. The firm said it is difficult to find evidence of future upside based on checks and consumer conversations, as well as disclosed numbers from the company. Stellantis — The Jeep parent slid 2% on the back of a J PMorgan downgrade to neutral from overweight. Analyst Jose Asumendi said Stellantis needs 14 months of work to reap the benefits of its turnaround. Levi Strauss — The denim giant dropped 4% after issuing disappointing third-quarter guidance. Levi expects EPS between 34 cents and 36 cents, short of the 38 cents expected from analysts polled by FactSet. However, the company beat second-quarter expectations on the top and bottom lines. AZZ — The metal coating solutions provider jumped 6% after it reported earnings per share of $1.85 for the latest quarter, compared to a FactSet consensus estimate of $1.69. Revenue of $448.5 million also topped the $434.6 million forecast. Cerebras Systems -- Shares moved nearly 7% higher after the AI infrastructure company announced a major European expansion . Cerebras, which brings its first European data center capacity online by the end of the year, plans to expand total capacity to 2000 megawatt in 2027 with more data centers across the continent. Costco -- The wholesale club lost nearly 2% after reporting decelerating comparable sales for June. Costco's comps rose 8.8% year over year in June, versus the 12.5% gain it saw in May . — CNBC's Tanaya Macheel contributed reporting.
ExxonMobil and partners commit $1bn to launch Usan Infill Project
ExxonMobil, alongside its partners, is set to invest $1bn in on-block operations at the Usan Infill Project within Oil Mining Lease 138 offshore Nigeria. The project is expected to add 40,000 barrels per day (bpd) of oil production. An announcement regarding the investment was made at the 25th NOG Energy Week Conference and Exhibition on 8 July 2026. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) described the investment as a significant development for the country's upstream oil sector. NUPRC CEO Oritsemeyiwa Eyesan said that the announcement was noteworthy as Esso Exploration and Production Nigeria, an affiliate of ExxonMobil, had not conducted any drilling operations in the country since 2016. Esso Exploration and Production Nigeria operates the Usan field under a production sharing contract (PSC), alongside the Nigerian National Petroleum Company (NNPC), with Chevron, TotalEnergies and Nexen, a wholly owned subsidiary of the China National Offshore Oil Corporation, as co-venture partners. ExxonMobil and its partners produced the first oil from the Usan field in February 2012. At that time, the US-based company said that the Nigerian deepwater project had a production capacity of up to 180,000bpd gross. Discovered in 2002, the Usan field was originally developed in water depths of 2,400ft using a floating production, storage and offloading (FPSO) vessel and 42 subsea wells. The development concept involved drilling 23 production wells and 19 water and gas injection wells, which were connected to the two-million-barrel capacity FPSO. Meanwhile, in a separate development, the NUPRC issued petroleum prospecting licences (PPLs) to successful applicants from the recently concluded 2022/2023 Mini Bid Round and the 2024 Nigeria Licensing Round. Broron Energy, Petroli Energy Marketing and Supply, Sahara Deepwater Resources and Tulcan Energy were among those receiving awards. A total of 12 companies received 19 PPLs, covering deep offshore, shallow water and continental shelf areas, illustrating the range of available opportunities in the licensing rounds. "ExxonMobil and partners commit $1bn to launch Usan Infill Project" was originally created and published by Offshore Technology, a GlobalData owned brand. View Comments
Fed officials were split on direction of interest rates at last meeting, minutes show
Federal Reserve officials were split last month about the future of interest rates, with policymakers entertaining scenarios in either direction, according to meeting minutes released Wednesday. In Kevin Warsh's first meeting June 16-17 as chairman of the Federal Open Market Committee, participants saw outcomes where inflation could ease and allow lower rates, while others envisioned a scenario where price increases stay elevated and lead to hikes. During his post-meeting news conference, Warsh billed the debate as a "family fight" that ended with the committee unanimously voting to keep the Fed's benchmark funds rate anchored in a range between 3.5%-3.75%, where it has been for all of 2026. However, the minutes did not elaborate on any drama that had taken place and outlined divergent views from members without a bias to which way the committee was leaning. The dot-plot grid of individual members' expectations, in which Warsh did not participate, narrowly tilted toward one rate hike this year, then a cut in each of the following two years. Asked to judge their most likely scenario, "many participants indicated that the appropriate level of the federal funds rate would be within or slightly below the current target range at the end of this year," the minutes stated. At the same time, the document also noted that "many other participants, however, assessed that the appropriate level of the federal funds rate would be above the current target range at the end of this year." "Participants noted that their future policy actions would depend on incoming information," the minutes said. The meeting summary, which at 14 pages was somewhat shorter though not dramatically so than the typical release, followed Warsh's repeated statements that Fed officials should communicate less about their future intentions. Keeping with that, the post-meeting statement was about one-third the size typical of the communique. Officials at the meeting seemed to approve of the tighter message. "A number of participants noted that it was an opportune time to consider significant changes to the FOMC's postmeeting statement," the minutes said. "A majority of participants remarked that they saw advantages in shortening the statement." The document otherwise provided broad strokes of what happened during the two-day session in which the Federal Open Market Committee approved the terse statement saying it was keeping its benchmark interest rate unchanged and was resolved to restore "price stability" to the U.S. economy. Notably, it removed language that had indicated a prior easing bias, as "most participants emphasized that they preferred not to repeat the Language." The post-meeting statement eliminated boilerplate language to describe economic conditions and the committee's approach to achieving its twin goals of low inflation and full employment. The minutes come less than two months into Warsh's term as chairman, a position to which he was nominated by President Donald Trump. For years. the president had criticized Warsh's predecessor, Jerome Powell, for not pushing interest rates lower. Since taking the reins, Warsh has pledged to revamp the Fed's operations in a variety of manners. At the June news conference, he outlined five task forces that will address individual topics, including communication. The minutes simply stated the creation of the groups, noting that only "some participants commented that they welcomed the opportunity to review the Committee's communications tools and practices." Since then, Warsh had made only one public appearance. At a European Central Bank forum in Portugal, the central bank leader was largely circumspect about where he thinks policy should go, consistent with his distaste for so-called forward guidance on monetary policy intentions. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
CoBank Quarterly: Rising food prices squeeze household budgets, constrain consumer spending
DENVER, July 08, 2026 (GLOBE NEWSWIRE) -- Price increases across most food and beverage categories are tightening household budgets and prompting consumers to make wholesale changes in how they shop. A growing number of Americans are trading down to lower cost food options, reducing discretionary purchases or buying fewer groceries altogether. According to a new quarterly report from CoBank’s Knowledge Exchange, inflationary pressures and shifting consumer buying patterns are rippling through the U.S. food chain, reshaping strategies for retailers, manufacturers and suppliers. “While May’s increase in the food price index was tepid, overall food prices are up 2.7% from May 2025 and roughly 26% higher than five years ago,” said Billy Roberts, food and beverage economist with CoBank. “Cumulatively, food price increases are proving to be the definitive, everyday stressor for consumers and they’re responding decisively by choosing lower cost options like private label brands, shopping at discount retailers or simply buying less.” The change in consumer behavior hasn’t gone unnoticed by manufacturers and retailers. Large grocery retail chains are unveiling price rollbacks and value positioning to maintain traffic and protect market share. Meanwhile, food and beverage manufacturers are emphasizing affordability through pricing adjustments, promotions and productivity gains aimed at offsetting rising input costs. According to market research firm Numerator, 4 out of 10 consumers cite rising prices as their top concern for the year ahead. Cost pressures building across everyday goods are straining some demographics more than others, a disparity likely to persist while gas and energy prices remain elevated. Nonetheless, inflationary pressures, including those triggered by the war in Iran, are continuing to impact many sectors of the U.S. economy. U.S. Economy Interest rates have moved meaningfully higher since March, reflecting a convergence of geopolitical shocks, inflationary pressures, expanding corporate debt issuance and worsening federal deficits. When the year began, the consensus expectation was for a gradual easing of interest rates. The collective opinion now is that rates will remain “higher-for-longer.” Recent inflation reports show broad-based price pressures in energy, services and housing, suggesting inflation is more entrenched than policymakers thought. Members of the Federal Open Market Committee who earlier signaled a bias toward easing interest rates, recently pivoted to a more hawkish stance. The majority now see the possibility of rate hikes if inflation remains unabated. Even if headline inflation moderates, the Fed is likely to proceed cautiously. U.S. Government Agricultural issues have taken center stage in the halls of Congress and throughout the countryside in recent weeks. The USDA released its reorganization plan, New World Screwworm has returned to the U.S. for the first time in 60 years, and debate on the farm bill is heating up. Three months ago, most of Washington failed to fully appreciate the strength of the agriculture community. But that dynamic changed when Midwestern members made demands on the farm bill and E15 in exchange for ending legislative logjams on other issues. The agricultural industry hopes for swift action on these and other key issues as the farm economy continues to deteriorate. Affordability issues are being discussed at every kitchen table in America, and many producers are concerned about their futures. Grains, Farm Supply & Biofuels Favorable growing conditions throughout the Corn Belt have eased concerns of a smaller corn harvest this fall. Barring any adverse weather, corn prices are likely to stay depressed into harvest season due to ample global supplies. Surging soybean oil prices have sent crush margins for processors to record highs and lifted the U.S. crush pace to breakneck speed. High diesel prices following the Iran war have given biofuel feedstocks like soybean oil additional price support. Heavy rains following a historic drought thwarted the U.S. winter wheat harvest. The U.S. winter wheat crop is expected to be the smallest since 1965 with harvested acreage for all wheat figured to be the lowest since 1877. Shrinking farmer margins may reduce the volume of crop inputs moving through agricultural retailers. With lower commodity prices projected in 2026, producers will be focused on protecting yields while limiting input spending. USDA projections show elevated production costs are becoming structural, with per-acre costs expected to remain elevated into 2027. Farm supply cooperatives and ag retailers should prepare for more cautious fertilizer and chemical buying, but they have opportunities to provide insights to farmers on how to maximize yields. The EPA delivered an agriculture-friendly renewable volume obligation mandate in March, significantly increasing the volume of bio-based fuels required for U.S. gasoline and diesel. But the real test will be whether the refining industry can meet the ambitious targets. The RVO for 2026 and 2027 jumps 67% and 70%, respectively. This year’s level of blending will determine if the EPA can continue to take the RVO on an upward trajectory. Even as U.S. renewable diesel and biodiesel utilization improves, production remains below mandated levels. Animal Protein & Dairy Animal protein markets are increasingly out of sync with shifting consumer purchasing. Demand remains resilient, but supply responses vary sharply by species. Consumers are signaling a willingness to pay higher prices for beef despite limited supply, while lower-cost pork and chicken alternatives have not fully absorbed the available production. A cost-per-gram comparison may help explain the tension. If pork, chicken or eggs offer more affordable protein, the key question is why consumers are not shifting more aggressively toward those products. The answer likely reflects more than price alone, including taste, quality perceptions, meal preferences, convenience and food service menu dynamics. The export market for U.S. dairy products continues to gain momentum with cheese and butter setting the pace. Through April, U.S. cheese exports totaled 523 million pounds, a 25% increase over the first four months of 2025. Butter and anhydrous milkfat exports during the same period totaled 134 million pounds, an 88% increase year-to-date. Cheese and butter have been extremely valuable as export products given the higher levels of butterfat in U.S. milk. Butterfat production has been improving so fast on U.S. dairy farms that some dairy processors have placed caps on butterfat levels for payment in milk checks. Cotton, Rice & Sugar Cotton prices rose 8% last quarter amid the complicated backdrop of a strengthening U.S. dollar, shifting interest rate expectations and volatility across the broader commodity complex. U.S. exports remain strong, as global cotton demand is shifting back to the U.S. due to tightening world supplies. Cumulative cotton shipments are running ahead of USDA’s projected pace with Vietnam leading demand. USDA estimates global cotton production will fall 5% year-over-year, driven by lower yields following last year’s record output. With global consumption expected to exceed production, world cotton stocks are on track to fall to the lowest in eight years. U.S. planted rice acreage plunged to the lowest level in more than 50 years this spring due to dismal prices and record-high input costs. USDA estimates long-grain rice acreage at 1.4 million acres, down 34.1% year-over-year. Long-grain rice exports have stumbled under the weight of a global rice surplus. But a recent bump in export demand to the Middle East is stirring hopes of a recovery in exports. Anticipation of a smaller world crop and strong global demand is awakening a price recovery with rough rice prices on the CME climbing 20.7% last quarter. Optimal domestic yields and a sustained price recovery will be needed for U.S. rice farmers to return to profitability. Sugar prices are caught in a tug-of-war between ample global supplies now and fears of rising demand causing a global deficit later in the year. World raw sugar prices were down 5.1% for the quarter with abundant stocks in Brazil and India following record harvests. But U.S. raw sugar prices rose 2.9% last quarter on the reduction in U.S. production and growing domestic demand. Domestic sugar deliveries are rising for raw cane and refined beet sugar as high fructose corn syrup and other artificial sweeteners are being replaced with natural sugar. Combined, U.S. beet and cane sugar production is projected to fall 5% year-over-year. Specialty Crops U.S. tomato prices rose nearly 40% between January and April, the biggest three-month increase since 2006. Wholesale prices for Roma tomatoes, largely grown in Mexico, and Florida's mature green tomatoes hit their highest peak in 25 years. While crop damage caused by weather disruptions are largely to blame for soaring tomato prices, U.S. duties on Mexican imports compounded matters. After the U.S. withdrew from a deal allowing duty-free imports of tomatoes from Mexico, U.S. tariffs on tomatoes ballooned from $16,424 in 2024 to $4.6 million in 2025. Throughout the produce aisle, consumer interest in organic products remains steady, but premium prices in a challenging economic environment for younger consumers could signal challenges for the category. Energy, Utilities & Digital Infrastructure Global energy shocks are impacting the everyday realities of rural households, businesses and electric cooperatives. As concerns about fuel prices, strategic oil reserves and energy security ripple through the economy, rural communities often feel the effects first and most acutely — in transportation costs, power affordability and supply chain expenses. Even with a political resolution to the war in Iran and a reopening of the Strait of Hormuz, rebalancing oil market fundamentals will be difficult, and prices may continue to reflect that tightness. Rural America remains particularly exposed to lingering aftershocks of the oil market turmoil. Utility supply chains remain tight as aging infrastructure replacement, grid hardening and rising load growth continue to push demand beyond supply. While some supply constraints are easing, longer lead times, higher costs and inflation continue to challenge the industry. Over the last quarter, the headline Producer Price Index rose sharply with the May figures showing a 6.5% increase year‑over‑year, the largest jump since Russia’s invasion of Ukraine in 2022. Electric distribution is the first point of impact for load growth, electrification and reliability, so the sector is getting hit earlier and more continuously than transmission or generation. The AI infrastructure buildout is placing tremendous pressure on supply chains that support fiber, optical networking equipment and other critical communications infrastructure. The surge in hyperscaler demand could not have come at a worse time for broadband operators, particularly those participating in the BEAD program. The combination of higher costs and longer lead times for fiber and other key components increases the risk that operators may struggle to meet construction schedules and deployment milestones. With no meaningful slowdown in hyperscaler investment currently in sight, supply chain constraints could persist well into 2027 and potentially beyond. Read The Quarterly. Each CoBank Quarterly provides updates and an outlook for the Macro Economy and U.S. Agricultural Markets; Grains, Biofuels and Farm Supply; Animal Protein; Dairy; Cotton and Rice; Specialty Crops; Food & Beverage industries and Rural Infrastructure. About CoBank CoBank is a cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. The bank also provides wholesale loans and other financial services to affiliated Farm Credit associations serving almost 80,000 farmers, ranchers and other rural borrowers in 23 states around the country. CoBank is a member of the Farm Credit System, a nationwide network of banks and retail lending associations chartered to support the borrowing needs of U.S. agriculture, rural infrastructure and rural communities. Headquartered outside Denver, Colorado, CoBank serves customers from regional banking centers across the U.S. and also maintains an international representative office in Singapore.
Stocks making the biggest moves premarket: United Airlines, Micron, Chevron & more
Check out the companies making the biggest moves premarket: Energy stocks — Shares of energy companies were boosted as U.S. oil prices surged after President Donald Trump said the ceasefire with Iran is over. Diamondback Energy jumped more than 3%. APA Corporation and Occidental Petroleum were rising more than 2.5%. Chevron was up more than 2% in premarket trading, while Exxon Mobil rose 1.5%. Cruise lines, airlines — Meanwhile, companies that are exposed heavily to fuel prices fell as oil rose. Carnival Corporation was off 3.5%, while Norwegian Cruise Line tumbled 3%. United Airlines also fell 3%, while Delta Air Lines declined nearly 2%. SpaceX — The stock bucked the sell-off trend in premarket trading on Wednesday as it rose just under 0.5%, rebounding slightly from it's more than 6.5% decline on Tuesday. SpaceX at Tuesday's close fell below its IPO first-trade price of $150. Memory stocks — The sell-off in the sector continued on Wednesday, with names across the board lower. Sandisk was off more than 5.5%, while Western Digital fell 5%. Micron Technology declined 4.5%, and Seagate Technology was lower by 3.5%. Bath & Body Works — The retailer fell more than 4% after Goldman Sachs downgraded the stock to sell from neutral. Analysts at the bank said the company's expansion into third-party distribution could cannibalize its own retail business. Estee Lauder — The beauty manufacturer declined 2% after it revealed in a regulatory filing that it's estimated costs for its restructuring plans now total $1.75 billion. Previous estimates from the company estimated the costs to be around $1.55 billion. Rivian Automotive — Shares of the electric vehicle manufacturer were off nearly 4% after the stock suffered its worst day since February 2024 on Tuesday. Rivian declined 18% after the company announced a public offering of 75 million shares of its stock to raise capital.
Fed meeting minutes to show 'family fight' over rates. The squabble could drag on for a while
Divided Federal Reserve officials indicated at their last meeting that they will address persistent inflation this year with one interest rate hike. History, though, suggests that policymakers will have a hard time stopping there. In fact, there have been few instances over the past 35 years or so when the Fed has only made one rate move, be it up or down. Rather, the central bank's Federal Open Market Committee tends to move in rate cycles, where it adjusts policy multiple times over a period to meet whatever goal it seeks to accomplish. "A lot of people are talking about one rate increase. The committee does not generally do that. I mean, what's the point of that?" former St. Louis Fed President Jim Bullard told CNBC on Monday. "So, usually it means a tightening cycle, and I think markets are trying to sniff that out right now." Markets will get more clues Wednesday about the Fed's policy direction when the committee releases minutes from its June 16-17 meeting. The summary will provide a glimpse behind the curtain of new Chairman Kevin Warsh's first meeting, which he characterized last month as "a good family fight" on the direction of rates. A history of cycles The last meeting featured an update on participants' views on rates and key economic metrics and a dramatically shortened statement that flatly stated, "The Committee will deliver price stability." In the "dot plot" grid of individual participants' rate expectations, the committee leaned to a hike before the end of 2026 and then one cut each in the next two years. But the FOMC's history is that it rarely makes one-off rate adjustments. In the last cycle, it cut three times in the back half of 2025. Before that, the Fed cut three times in 2024, hiked 11 times between 2022-23 and cut five times between 2019-20. In fact, you'd have to go back to 2015 for the last time the committee made just one move, and that was primarily because it considered the economy too unstable for a previously planned hiking cycle. Going back to 1990, such moves were rarely seen. The reasoning is fairly straightforward: Officials think policy needs to be persistent and aggressive, and modest tweaks like quarter-point moves rarely help when the Fed is trying to solve a problem. In this instance, the central bank's problem is inflation that is running well above its 2% target for the past five years. Some officials believe an easing of hostilities in the Middle East, a decline in oil prices and the fading impacts of tariffs could help ease price increases, but there is significant disagreement on whether the trend is down or up. Bullard isn't as convinced inflation will unwind and thinks the Fed may have to act soon — before the November midterm election, even if there's a perception that an increase would be politically risky. President Donald Trump, in particular, could get restless after appointing Warsh to succeed now-Governor Jerome Powell, whom the president frequently criticized. "If you wait till after the election, you might have to do more, and that's really the risk for the committee here," Bullard said. "You wait too long, and then you might get into the winter or first half of next year, and now you have to do quite a bit in order to keep inflation under control." The minutes themselves, however, may offer fewer clues than in previous years. Investors looking for deep insight on the internal debate may be disappointed as the Warsh Fed appears set to provide less direct communication and "forward guidance" about the path ahead. Minutes already had been inscrutable enough, with officials cloaked in anonymity and vague quantifiers used to reflect group sentiment at the meeting. The lack of clarity could intensify under Warsh's direction. "We expect Warsh to make the FOMC minutes less informative with respect to the views expressed at the FOMC meetings," Standard Chartered strategist Steve Englander said in a client note. "In particular, the 'Participant Views' section may greatly reduce the 'almost all/most/many/some/a few/a couple/one' phrasing that indicates the degree of support among participants for differing views, risks and policy options," he added. "We think the minutes will become a more anodyne listing of policy decisions, such as when Paul Volcker was chair." The inflation-slaying Volcker served between 1979 and 1987. Inflation outlook varies Investors increasingly appear to believe inflation will drift back toward the Fed's target over time, though consumers have expressed considerably more discomfort about future price increases. Treasury market securities that investors use to price in inflation expectations are subdued. The 5- and 10 year "breakeven" rates, or the difference between yields on Treasurys and inflation-backed notes, have been around their lowest levels of the year, and other metrics are following suit. But the New York Fed's monthly consumer survey for June showed inflation expectations at multi-year highs: The one-year outlook (3.7%) was at its highest since September 2023, while the three-year (3.3%) hit its peak since June 2022. Markets, though, are largely in line with the Fed's June blueprint. Traders are pricing in a hike as early as September, then see policymakers staying on hold for at least the next year, according to the CME Group's FedWatch. The futures market is pricing in additional hikes, but not until later years. Not everyone agrees, with some on Wall Street expecting the Fed to have to take more aggressive action. Bank of America recently raised its interest rate forecast, saying it now sees the central bank having to approve three quarter-percentage-point hikes before the end of this year. "We were skeptical of the need for cuts in 2025. Both the data and our updated read of the Fed's reaction function suggest it will reverse those cuts in short order," BofA economist Aditya Bhave said in a note. The bank, however, expects the hiking cycle will be brief, allowing the Fed to stay on hold in 2027 after showing its resolve to tame inflation. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Trump, Scott Bessent Push $100 Bill With President's Signature, Say There's 'No More Powerful Way' to Recognize His Achievements
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. President Donald Trump and Treasury Secretary Scott Bessent promoted a $100 bill featuring Trump's signature amid the United States' 250th anniversary, framing it as a recognition of the nation's history and economic strength. Bessent Promotes Trump $100 Bill On Saturday, Bessent shared an image of the new $100 bill on X after Trump posted it on Truth Social, showing the redesigned note carrying both the president's and the Treasury secretary's signatures. Bessent praised the administration's economic agenda, writing, "Under President Trump's leadership, we are on a path toward unprecedented economic growth, lasting dollar dominance, and fiscal strength and stability." Don't Miss: A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast He added, "There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than U.S dollar bills bearing his signature." Scott further said, "It is only appropriate that this historic currency be issued at the Semiquincentennial." The Semiquincentennial refers to the 250th anniversary of U.S. independence, marking 250 years since the Declaration of Independence was signed in 1776. The milestone will be celebrated in 2026. Under President Trump's leadership, we are on a path toward unprecedented economic growth, lasting dollar dominance, and fiscal strength and stability. There is no more powerful way to recognize the historic achievements of our great country and President Donald J. Trump than U.S… pic.twitter.com/4dvhML2f7h — Treasury Secretary Scott Bessent (@SecScottBessent) July 4, 2026 Trending: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time Trump Signature Added To US Currency In March, the Treasury Department announced plans for President Trump's signature to appear on future U.S. paper currency alongside Bessent's, replacing the traditional U.S. Treasurer's signature for the first time in over a century. Bessent described the move as a recognition of U.S. economic strength and "lasting dollar dominance and fiscal strength," while Treasurer Brandon Beach called Trump's signature on currency "well deserved." Dollar Weakness Debate Earlier, the U.S. dollar had fallen 10% since the start of Trump's second term, but a Brookings Institution report said the decline remained "benign". Story Continues It did not threaten its reserve currency status, citing limited shifts in global central bank holdings. At the same time, gold rose above $5,100 per ounce, with economist Peter Schiff saying the move reflected weakening confidence in U.S. fiscal policy, rising debt and persistent deficits, warning of potential long-term pressure on the dollar. Photo courtesy: Shutterstock Read Next: Skip the Regrets: The Essential Retirement Tips Experts Wish Everyone Knew Earlier. Think you're saving enough for your kids? You might be dangerously off — see why Building Wealth Across More Than Just the Market Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry. Arrived Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly. FarmTogether Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches. Fundrise Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estateand credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth. Realberry Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests. Immersed Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing. BluSky AI The rapid adoption of artificial intelligence is creating significant demand for data centers, power, and compute infrastructure. BluSky AI is building modular AI data centers designed to support next-generation AI workloads while aiming to reduce deployment timelines compared to traditional facilities. For investors looking beyond AI software and applications, the company offers exposure to the infrastructure layer that makes artificial intelligence possible. Miso Robotics Robotics and automation are becoming increasingly important tools for businesses facing labor shortages and rising operating costs. Miso Robotics develops AI-powered kitchen technology that is already being deployed in restaurant environments, with products designed to help operators improve efficiency and streamline operations. As artificial intelligence expands beyond software and into real-world applications, the company is positioning itself at the intersection of robotics, automation and the future of food service. Vinovest Fine wine and rare whiskey have historically moved independently of the stock market, making them a compelling alternative asset. Vinovest manages authenticated, insured portfolios of investment-grade wine and whiskey starting at $5,000 — sourcing, storage, and insurance all handled for you. EquityMultiple For accredited investors looking beyond stocks and bonds,EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process. Mode Mobile Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream. © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View Comments
U.S. Trade Deficit Widens Substantially In May
(RTTNews) - A report released by the Commerce Department on Tuesday showed a substantial increase in the size of the U.S. trade deficit in the month of May. The Commerce Department said the trade deficit widened to $77.6 billion in May from a revised $54.6 billion in April. Economists had expected the trade deficit to surge to $78.7 billion from the $55.9 billion originally reported for the previous month. The sharply wider trade deficit came as the value of imports shot up by 3.3 percent to $395.3 billion, while the value of exports plunged by 3.2 percent to $317.7 billion. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Stocks making the biggest moves premarket: Fiserv, Crinetics Pharmaceuticals, Micron & more
Check out the companies making headlines before the bell: Fiserv — The fintech stock rallied more than 5% after The Wall Street Journal reported, citing sources , that Fiserv has talked with major U.S. banks — including JPMorgan and Bank of America — to sell its payments infrastructure business that handles debit card transactions. Vertex Pharmaceuticals , Crinetics Pharmaceuticals — Vertex will buy Crinetics in a $10 billion deal to acquire treatments for rare hormonal diseases, the two companies say Monday. Vertex shares dipped nearly 1%. Crinetics shares roughly doubled. First Solar — The solar module manufacturer rose nearly 3% after Deutsche Bank upgraded the stock to buy from neutral . The bank cited three reasons why investors should buy the dip on shares, including a potential trade policy shift. Semiconductors — Chip stocks slid in the premarket after mixed quarterly results from tech giant Samsung overnight led investors to pare exposure to the artificial intelligence trade. Shares of Micron dropped 5%, as did Lam Research . Rivian — Shares of the electric vehicle maker tumbled 9%. Rivian issued revenue and delivery guidance that topped a FactSet consensus forecast. However, it also said it's selling 75 million new shares in a big capital raise. Korea stocks — A global chip stock selloff affected Korea's stock exchanges, which are heavily weighted toward semiconductor companies. The Kospi Index slid more than 4%. The iShares MSCI South Korea ETF (EWY) dropped 4.6% in the premarket. — CNBC's Fred Imbert contributed reporting
Elon Musk Says If The Ship of America Sinks, We All Sink With It — ‘I Will Die in America…I Might Go to Mars, but That Will Be Part of America’
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Even the world's richest people don't get a lifeboat if the economy springs a leak. That was the message SpaceX CEO Elon Musk delivered when he compared America to a ship carrying everyone aboard—from workers and entrepreneurs to investors and billionaires alike. "If the ship of America sinks, we all sink with it," Musk said at a Wisconsin town hall in 2025. "I will die in America. I'm not going anywhere. I might go to Mars, but that will be part of America." Far from being a throwaway joke about Mars, the remark highlighted a broader point Musk has made repeatedly: no business succeeds if the country supporting it fails. Don't Miss: Deloitte's #1 Fastest-Growing Software Company Lets Users Earn Money Just by Scrolling — Investors Can Still Get In at $0.52/Share 1.5M+ Users. $29M Raised. Shares Still at $0.79 — Learn How to Invest Before the Deadline One Ship, One Economy Musk's comments came as he discussed the importance of strengthening the country, arguing that America's long-term health affects everyone regardless of wealth or political affiliation. "You know, this is something that I try to tell people in the sort of commercial sector," he said. "Your company's not going to make it if the ship of America sinks. So we all got to… work together here to make sure it does not." His point was straightforward. Investors can diversify portfolios, companies can expand internationally and entrepreneurs can build global brands, but none are immune to problems affecting the world's largest economy. If America's economic foundation weakens, the ripple effects reach businesses large and small. Trending: Most AI Robotics Companies Are Still Building. This One Is Already Working In Restaurants. Mars Was the Punchline, Not the Point Musk's reference to Mars fit neatly with the vision that has defined SpaceX for more than two decades, but it wasn't the focus of his remarks. Earlier this year, Musk said SpaceX's immediate priority is building a self-sustaining city on the Moon before establishing a permanent settlement on Mars. He explained that the Moon allows for faster launches, quicker testing and more rapid technological progress, making it the logical first step toward a multiplanetary future. Mars remains the company's long-term destination. The shift reflects engineering priorities rather than a change in ambition. Innovation Still Starts on Earth While rockets capture headlines, Musk has increasingly emphasized the technologies supporting the next era of innovation, particularly artificial intelligence. Story Continues See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? That growing demand extends beyond AI models themselves to the infrastructure powering them. Companies such as BluSky AI are developing modular data centers built specifically for AI computing, reflecting the industry's race to expand the capacity needed for increasingly sophisticated workloads. For investors, it highlights a familiar pattern. Every technological leap creates opportunities not only for the companies unveiling groundbreaking products but also for those building the infrastructure that makes those advances possible. Musk's broader message wasn't really about Mars at all. It was about shared stakes. Whether someone is launching rockets, building businesses or investing in the next generation of technology, he argued that everyone ultimately depends on the same economic foundation. In his view, keeping America competitive isn't simply a political goal—it's a practical one, because if the ship stays afloat, everyone has a better chance of reaching the next destination. Read Next: A 1% fee difference on $200,000 over 30 years quietly costs you $170,000 in lost returns. Empower's fee analyzer shows you exactly what you're paying — across every account. Building Wealth Across More Than Just the Market Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry. Arrived Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly. FarmTogether Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches. Fundrise Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estateand credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth. Realberry Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests. Immersed Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing. BluSky AI The rapid adoption of artificial intelligence is creating significant demand for data centers, power, and compute infrastructure. BluSky AI is building modular AI data centers designed to support next-generation AI workloads while aiming to reduce deployment timelines compared to traditional facilities. For investors looking beyond AI software and applications, the company offers exposure to the infrastructure layer that makes artificial intelligence possible. ARK7 Residential real estate has historically provided investors with income potential and long-term appreciation, but direct ownership can be expensive and time-consuming. ARK7 enables investors to buy fractional shares of rental properties, offering access to potential rental income and real estate exposure without property management responsibilities. By lowering the barrier to entry, the platform gives investors another way to diversify beyond traditional stocks and bonds. Miso Robotics Robotics and automation are becoming increasingly important tools for businesses facing labor shortages and rising operating costs. Miso Robotics develops AI-powered kitchen technology that is already being deployed in restaurant environments, with products designed to help operators improve efficiency and streamline operations. As artificial intelligence expands beyond software and into real-world applications, the company is positioning itself at the intersection of robotics, automation and the future of food service. Vinovest Fine wine and rare whiskey have historically moved independently of the stock market, making them a compelling alternative asset. Vinovest manages authenticated, insured portfolios of investment-grade wine and whiskey starting at $5,000 — sourcing, storage, and insurance all handled for you. EquityMultiple For accredited investors looking beyond stocks and bonds,EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process. Mode Mobile Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream. Image: Shutterstock This article Elon Musk Says If The Ship of America Sinks, We All Sink With It — 'I Will Die in America…I Might Go to Mars, but That Will Be Part of America' originally appeared on Benzinga.com © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. View Comments
Trump Accounts boost? Here's how much money will flow into stock market from the new program
The recently launched Trump Accounts from President Donald Trump could drive almost $20 billion worth of inflows into U.S. equities, according to Wells Fargo. Equity analyst Ohsung Kwon said just over $19.5 billion should come in from the accounts in the second half of this year. The inflows will be concentrated in the third quarter, he said. Kwon said the money would offer price-sensitive inflows for large-cap stocks, including technology names. The Treasury Department last week announced a menu of broad-market exchange traded funds people can choose to invest their Trump Account contributions. The Wells Fargo analyst said inflows from the accounts alone wouldn't be a "structural driver" for stocks. The $20 billion equates to around 3% of estimated annual inflows into 401(k) retirement accounts. However, Kwon said that figure is more impactful given it will come mainly during one quarter. The analyst also noted that the money from Trump Accounts would be going into U.S. equities, rather than being dispersed across various assets through a 401(k). Kwon estimated that nearly a third of the total sum would come from the commitments of donors tied to the accounts. Business moguls including the Dell family, Ray Dalio and Brad Gerstner announced funding to support the program. Trump Accounts, which are also known as 530A accounts, officially went live over the holiday weekend. These accounts, which grow on a tax-deferred basis like individual retirement accounts, include a $1,000 pilot program contribution from the U.S. Treasury Department for babies born from 2025 through the end of 2028. Trump rang the stock market opening bell on Monday in a first-of-its-kind event from the White House. He gave a shout-out to Dell products, sending the technology stock's shares jumping
Stocks making the biggest moves premarket: Lam Research, Intel, DataDog & more
Check out the companies making the biggest moves premarket: Chipmakers — The iShares Semiconductor ETF (SOXX) was up more than 2.5% in premarket trading Monday, rebounding after a two-day slide last week that sent the ETF down more than 11%. Intel was also up 2.5%, while Advanced Micro Devices jumped 3%. Broadcom rose nearly 2%. Comcast — Shares rose by 0.5% after the company's U.K.-based Sky announced it will buy rival ITV's television business. While Comcast owns Sky for now, the company recently announced plans to spin off its media assets. ASML Holding — The Dutch semiconductor company was up 4% after Bernstein hiked its price target on the stock by more than 30% to $2,300. Analysts at the firm said they were raising their forecasts amid unprecedented expansion in both logic and DRAM capacity driven by artificial intelligence. T-Mobile U.S. — Shares were up more than 1.5% after Bank of America raised its rating to buy from neutral. The bank said investors are reacting to what it calls peak bearishness in the telecommunications sector, and that the stock's more than 20% fall from its 2026 highs in February is overdone. DataDog — The software company tumbled more than 2% following a downgrade from Bernstein. The firm moved its outlook on the stock to market-perform from outperform. Analysts said they still expect the company can be an AI winner, however, they're cautious about upcoming earnings with difficult comparisons ahead and a potential peak of non-AI-related growth. Lam Research , Applied Materials , KLA Corporation — Shares of all three companies were some of the best performers on the S & P 500 premarket after Morgan Stanley analysts hiked their price targets on each of the stocks. Lam Research was at the top of the S & P, up more than 4%. Applied Materials and KLA each were jumping just under 4%.
ThinkCareBelieve: Week 76: America's 250th Birthday and the Trump Administration
Washington, DC, July 04, 2026 (GLOBE NEWSWIRE) -- ThinkCareBelieve announces a New Report on Eventsthat transpired during Week 76of the Trump 2.0 Administration, part of a weekly series covering all the exciting achievements and events as they happened since President Trump took office in January 2025. The article can be accessed in full at https://thinkcarebelieve.blog/2026/07/04/week-76-americas-birthday-and-the-trump-administration/ This article provides details and direct links to primary sources covering the following: 1) What groundbreaking changes were established for farmers and farming to make our food much healthier and nutrient dense? 2) How is Congress planning to get the SAVE America Act finally passed into law and what is the whole controversy about the filibuster? 3) What is Operation New Dawn and why is it the first-of-its-kind? 4) How are Trump Accounts going to have stocks in them and who is the first business owner to donate that stock to America’s children? 5) What was the original meaning of An Appeal to Heaven flag and how is the meaning being skewed from John Locke’s original intent for it to be used? ThinkCareBelieve’s mission for Peace advocacy facilitates positive outcomes and expanded possibilities. To achieve Peace, we will find the commonalities between diverse groups and bring the focus on common needs, working together toward shared goals. Activism is an important aspect of ThinkCareBelieve, because public participation and awareness to issues needing exposure to light leads to justice. Improved transparency in government can lead to changes in policy and procedure resulting in more fluid communication between the public and the government that serves them. The article highlights events that took place in America, and can be used as a reference, a resource or a review. America’s Weekly Golden Chronicle here: https://thinkcarebelieve.blog/2025/12/01/americas-weekly-golden-chronicle-list/ The Trump Administration’s Agenda for Greatness: https://thinkcarebelieve.blog/2026/03/28/the-trump-administrations-agenda-for-greatness/ How President Trump Helped Real People: https://thinkcarebelieve.blog/2024/10/22/how-president-trump-really-helped-real-people/ ###
U.S. debt is a looming crisis today but was once its own revolutionary masterstroke that helped launch a global financial superpower
Believe it or not, U.S. debt was once a source of national strength, before it became a sword of Damocles hanging over the federal government and the bond market. While the nation celebrates the 250th anniversary of the Declaration of Independence, the origin of U.S. financial might can be traced back to a controversial decision in 1790 to consolidate debts from the Revolutionary War. Alexander Hamilton, who served as the first Treasury Secretary, is considered the architect of American finance as he engineered one of the most consequential economic decisions in early U.S. history. He recognized how debt can unlock resources that could transform the young republic. But first he had to untangle the mess created by the Revolutionary War. To fight off the British Empire, the Continental Congress borrowed heavily domestically and internationally via various instruments, while individual states racked up their own war debts. Under Hamilton's plan, the nascent federal government took on state debts and consolidated everything into one national debt. At the same time, he committed the U.S. to repaying the debt in full rather than claiming that the government established by the Constitution wasn't responsible for war-era borrowing. For a fragile new country, this was a revolutionary idea and established its creditworthiness early on, as investors had expected the U.S. to instead default on its debts or force investors to take a hair cut. By building a reputation for reliability, demand for U.S. debt grew, and Treasury bonds were soon traded in European markets. This also allowed the U.S. to borrow more money relatively cheaply, as investors were reassured by the "full faith and credit of the United States," with fresh debt helping finance the Louisiana Purchase. Fast forward more than two centuries to today, and Treasury bonds underpin the global financial system and are considered one of the world's safest assets. They also fill reserves in central banks and corporate coffers while also reinforcing the U.S. dollar's status as the top reserve currency, enabling the U.S. to flex its financial muscle wherever greenbacks are exchanged. This "exorbitant privilege" has allowed to U.S. to borrow more cheaply than its fiscal profligacy would otherwise permit. U.S. debt is now $39 trillion, with publicly held debt equaling the size of the entire economy. Interest costs alone are $1 trillion a year, topping the defense budget and adding to a pile that's soon headed for territory not seen since the immediate aftermath of World War II. Story Continues The explosion in red ink, especially in the last 20 years, has fueled growing and increasingly dire alarms, as the trajectory is unsustainable. Meanwhile, lawmakers continue cutting taxes that weaken revenue without tackling the biggest drivers of spending, namely Social Security and Medicare.A close-up of the front of the US 10-dollar bill bearing the portrait of Alexander Hamilton, America's first Treasury Secretary, is seen on December 7, 2010 in Washington, DC. But for now, investors are continuing to buy new U.S. debt, though some recent Treasury auctions required a higher yield to draw the necessary demand. The Treasury market also remains the world's deepest and most liquid, with over $30 trillion in outstanding securities and more than $1 trillion in daily trading volume. Although the precise debt level that would spark a crisis is unknown, the Penn Wharton Budget Model recently put the threshold at more than 210% of GDP. Above that "outer bound," there's no feasible tax on labor income that can finance interest payments on U.S. debt at returns acceptable to investors, PWBM warned. According to PWBM, the outer bound of federal debt is the solvency limit, beyond which defaulting on either Treasury debt or pay-as-you-go transfers like Social Security becomes a near certainty on an inflation-adjusted basis. The debt-to-GDP ratio is about 100% today, and forecasts from the Congressional Budget Office see it hitting 175% by 2056—suggesting 210% is decades away on its current trajectory. But depending on how much healthcare costs rise and boost Medicare spending, that threshold could come much sooner. The U.S. has 25 more years in a lower-growth scenario, 22 years with medium growth, and 19 years with higher growth, PWBM estimated. But even that may downplay the risk. "Under the historical growth rate of healthcare costs, there is a 25% chance of hitting the debt maximum in 14 years," it added. This story was originally featured on Fortune.com View Comments
Why Ross Dress for Less is Everywhere Now
While giants like Macy's, Kohl's, and Walgreens are closing stores, Ross is doing the opposite. The discount retailer already opened 40 new locations this year and plans to add 90 more before the end of 2025. Its secret? The "off-price" model — buying other retailers' excess inventory and reselling it for up to 70% less. In a slowing economy, that strategy has turned Ross into one of the few retailers actually growing while everyone else pulls back. Subscribe to The Hustle: 🔗 https://clickhubspot.com/vu3l Get the 5-minute newsletter keeping 2M+ innovators in the loop 🔗 https://clickhubspot.com/3kln About HubSpot: HubSpot is a customer platform that provides education, software, and support to help businesses grow better. The platform includes marketing, sales, service, commerce, operations, and website management products that start free and scale to meet our customers' needs at any stage of growth. Today, thousands of customers around the world use HubSpot's powerful and easy-to-use tools and apps to attract, engage, and delight customers. #TheHustle #HubSpot View Comments
Kirguistán inaugura Tamchy SFIT, una nueva jurisdicción financiera internacional a orillas del lago Issyk-Kul
Tamchy, Kirguistán, July 03, 2026 (GLOBE NEWSWIRE) -- El presidente de la República Kirguisa, Sadyr Japárov, inauguró la Tamchy Special Financial Investment Territory (SFIT), una nueva jurisdicción internacional ubicada a orillas del lago alpino Issyk-Kul. Los primeros residentes de Tamchy, que se sumaron durante la ceremonia de inauguración, fueron empresas de Corea del Sur, los Emiratos Árabes Unidos, Hong Kong, Suiza y Kazajistán. Veinte compañías de distintas partes del mundo se encuentran en proceso de establecer su residencia en Tamchy SFIT. El acto alcanzó su punto culminante cuando el presidente Japárov accionó de manera simbólica un interruptor con forma de marcador de geolocalización y ubicó así, de forma casi literal, a Tamchy SFIT en el mapa financiero mundial. «Los cambios en la economía mundial están impulsando la demanda de nuevos centros de actividad empresarial en los que los estándares internacionales convivan con una verdadera libertad para innovar e invertir a largo plazo. Tamchy SFIT es nuestro proyecto nacional y nuestra respuesta a las necesidades de las empresas internacionales. Estamos construyendo un centro financiero desde cero, con un tribunal independiente, un regulador moderno y normas que no cambiarán al vaivén de las tendencias. No tengo ninguna duda de que Tamchy SFIT abrirá un nuevo capítulo en la historia de Kirguistán», afirmó Sadyr Japárov, presidente de la República Kirguisa. Regida por los principios del derecho anglosajón, Tamchy SFIT cuenta con su propio regulador financiero, un Centro Internacional de Resolución de Controversias y un registro digital de ventanilla única. Un régimen fiscal especial garantiza durante 49 años una tasa del 0 % sobre utilidades, dividendos, ganancias de capital e IVA, además de permitir la propiedad extranjera al 100 % y la repatriación de utilidades sin restricciones. Con una extensión aproximada de 6.000 hectáreas, Tamchy SFIT ya dispone de un centro de negocios plenamente operativo, mientras los hoteles y los edificios residenciales avanzan en su construcción. El Aeropuerto Internacional de Issyk-Kul se encuentra a pocos minutos a pie. «Los grandes centros financieros se levantan comprendiendo qué necesitan el capital y las empresas internacionales. Tamchy SFIT ofrece exactamente eso: una plataforma confiable, flexible y preparada para el inversionista, pensada para las compañías que buscan un crecimiento sostenible. Referenciada a los máximos estándares internacionales, asentada en el derecho anglosajón y ubicada en el cruce de las cinco economías de la Unión Económica Euroasiática (UEEA) y del corredor euroasiático, brinda una jurisdicción neutral, independiente y concebida para perdurar», explicó Ali Ijaz Ahmad, primer vicepresidente del Consejo de Gestión de Tamchy SFIT. Uno de los primeros directivos que decidió instalarse en Tamchy SFIT fue Seo Dong Hyun, director ejecutivo (CEO) de Serim. «A lo largo de los últimos treinta años invirtiendo en la industria de los semiconductores, la alta tecnología y la energía, llegué a comprender que la seguridad jurídica y la confianza en el sistema regulatorio son el cimiento de toda inversión a largo plazo. Sobre esos mismos principios se estableció Tamchy SFIT. Lo verdaderamente notable es que un proyecto de esta envergadura se haya concretado en apenas un año, con mayor rapidez que en cualquier otra jurisdicción que yo conozca. Hoy registré aquí mi holding familiar. Para mí, esta no es una inversión pensada para algunos años, sino para generaciones», señaló. Para 2035, Tamchy aspira a atraer a cerca de 4.000 empresas residentes y a generar más de 10.000 empleos. Se estima que su contribución a la economía del país entre 2026 y 2035 alcanzará los 20.000 millones de dólares. Una foto asociada con este comunicado de prensa está disponible en: https://www.globenewswire.com/NewsRoom/AttachmentNg/aef76685-7233-4b5c-a682-701a3a69b3da/es
Meet the 441K 'everyday millionaires' created in the US in 2025
UBS has reported a spike in "everyday millionaires" in 2025 as 1,200 US millionaires were created every day last year, amounting to over 440,000 new millionaires. Morning Brief Host Brooke DiPalma is joined by Yahoo Finance Senior Reporter Pras Subramanian and Payne Capital Management president Ryan Payne to discuss this trend and how these people are able to maximize on their spending and investing. Video Transcript 00:00 Speaker A The US in 2025 added 1,200 new millionaires a day last year. Now, of course, you work in wealth management. 00:09 Speaker B I just want to understand. 00:11 Speaker A Is this music, is this music to his ears right here. 00:13 Speaker A Right? Like this is amazing. Kudos to you. 00:15 Speaker B I'm gonna take that helicopter up to the Hamptons this weekend. It's been good. Good for business. Yeah. 00:19 Speaker A I mean, when you think about just how exactly, uh, UBS coming out with this report, they're calling it everyday millionaires. They're describing that as the 401K maxer, the dual income homeowner, uh, the index fund investor. People who just really, like those potential retirees who have significantly, you know, put their money in and just watched it grow. It seems like they haven't necessarily gotten any spook, any fear, haven't pulled out of this market and have stuck with it. And that's what's leading to this everyday millionaire, which is pretty, pretty cool to hear. 00:59 Speaker B I mean yeah, it means that we're thriving as a country, right? And especially versus the rest of the world and also speaks to this whole wealth effect, right? Because if you look at the S&P 500, it's up 120% since the pandemic, right? That's a huge move and now it's something like 60% of Americans own stocks. So the ownership is the highest it's ever been. But also you're seeing like on the high, high end, if you're like worth 50 to 100 million, that's where some of the biggest growth in net worth has been. And this is why even if you're like really wealthy right now, you're feeling the effects of inflation. Now no one feels sorry for you, but this is the reason why like Knicks's tickets were like $8,000 is because people have money now, they want to spend it. And even if your wages didn't go up commensurately with inflation, but if your 401k went up 120% or your real estate values went up, you're more inclined to spend than not. So this wealth effect is a big part of what's driving the economy right now. 1:52 Speaker C Yeah, and I think you're right. I think it's also affecting that higher end, right? That 50 to 100 million, it's crazy net worth uh household or individual. That's the fastest growing clip according to that report, 7.3% growth. Meanwhile, the median wealth fell by nearly 20%. So you're seeing that that sort of the the they talk about the K-ship economy. This is beyond K-ship. This is like ultra-high net worth versus very just sort of people getting by paycheck to paycheck. So then if you're talking about, you know, it's a lot of paper wealth here, right? Which is fine. That's how that's how it normally is, that's how it is. Uh, but the question is, is that a problem for the economy long-term if a huge percentage of the people are not participating in that stock market because they're not they don't have the money to participate in it. And you have other people that are making huge gains. Is their spending going to compensate for the potential lack of spending on the low end? Uh, I'm not saying that's happening, but or or or is it going to happen, but we we'll see. But I think that's sort of a concern maybe for the economy at large. But hey, if if you said the baby boomers are going to continue spending here as they as they sell off their assets and they live on, you know, post post-working, then it should be fine, right? 3:12 Speaker A Mhm. Go ahead. 3:14 Speaker B No, no, it's a great point because a lot of it is contingent on the markets doing really well, right? If you're a retiree, you feel good to spend because well, my 401k's gone, my IRA's gone up. So I think that's a big part of it. And if you do get some sort of big severe correction in the stock market, which unfortunately my crystal ball broke, I can't predict when that's going to happen, but invariably you'll have one of those. That will probably be a big problem for spending, right? And that could be a recessionary time that we could experience at some point in the future. That's something to watch out for because that is one catalyst for the spending, is just the markets doing well. View Comments
Don't throw away your shot to speak to an AI Alexander Hamilton at Boston's new finance museum
Nearly a decade after leaving its former home, the Museum of American Finance is welcoming the public to its new headquarters – and just in time for the country's 250th anniversary. The 5,400-square-foot museum located on Commonwealth Pier in Boston is the Smithsonian Institution affiliate's first permanent home since it terminated its lease at 48 Wall Street in New York in 2018 because of a flood. After signing a new lease only 16 months ago, the museum was able to debut seven inaugural exhibits. One, developed in partnership with the Fidelity Center for Applied Technology, uses artificial intelligence to create an interactive Alexander Hamilton. "We're bringing him back to life," Erich Umar, head of technology strategy & planning at FCAT, said during a press conference at the museum earlier this week ahead of its opening. "History doesn't just live in the past; it interacts with the future." Visitors are able to talk with the first U.S. secretary of the treasury in more than 50 languages and even pose unique questions to him, such as asking him to elaborate on compound interest using a soccer analogy. "Advances in technology are providing opportunities that we could only have imagined just a few short years ago," Umar told CNBC. "It's enabling us to scale financial education and reach more Americans where they are, regardless of geography, language or their preferred modality of learning." Starting off in 'familiar' territory As visitors enter the museum, the first topic they will explore will seem commonplace: money. The interactive exhibit, "America in Circulation," displays several examples of the nation's currencies from oldest to modern day, showcasing how they have evolved over centuries. "We wanted the currency gallery to be the first exhibit visitors explore because everyone is familiar with money," said Kristin Aguilera, the museum's deputy director. "So, we start with a topic that is very accessible to everyone." The earliest currencies on display are pine tree shillings from 1652, while the earliest paper currency in the exhibit dates back to the 18th century. Even with such a wide range on view, visitors can use touchscreens to dive deeper. With a few taps, they can zoom in to view the intricate details and symbolism of a specific example. "A lot of this paper money was due to major events in our history like the Revolutionary War," said Rahul Arora, a financial historian and guest curator of the exhibit. "Some of these notes wouldn't exist." Arora said he hopes the exhibit will lead others to truly appreciate currency, especially from an artistic perspective. That possible outcome couldn't come at a better time, since the federal government has already halted the manufacturing of new pennies, and Arora anticipates it's only a matter of time before the dollar itself gets phased out. "Nowadays you're shopping online, all you see is amounts," he said. "You go on Amazon, you buy something, and you just see the amount. You don't think about the money transactions happening." From awareness to action To bring financial education to the masses, admission is free, ensuring that anyone who wants to learn about finance can. This comes at a time when existential fiscal anxiety has been plaguing Americans. According to a Pew Research poll, 64% of Americans said in April that the federal deficit is a "very big problem" for the U.S. That's up from 57% in February 2025. Currently, the national deficit for the fiscal year-to-date tops $1.2 trillion. The national debt has exceeded $39 trillion. "We're getting away from the principles that Hamilton put in place," said Richard Sylla, professor emeritus of economics at the NYU Stern School of Business and former chairman of the museum. Still a member of the museum's board of trustees, Sylla curated three of the exhibits, one of which documents the U.S. financial system's founding. "There's a lot of negative things about the state of the country now," he said in an interview. "I think this is a nice positive reminder that as bad as you might think things are now, there's actually a glorious history in how we got to be the richest country in the world." Even with concerns about the fiscal path the U.S. has been on, Sylla is optimistic that such problems will be addressed in the next few years. "When Hamilton came into office, we were in a bigger mess than we are now because we were actually defaulting on our debts. Now we're just running up the debts and heading toward default possibly, but we were actually in default, both to domestic and international creditors," he said. "The museum is full of things that were left out of the musical ['Hamilton']," Sylla later said. As visitors near the end of their journey through the museum, they enter "Personal Finance," the final exhibit. This section hopes to tie together the themes of the previous galleries, leaving visitors with a better understanding of the U.S. financial system and how to develop the tools to better one's financial well-being. Bob Pisani, former CNBC senior markets correspondent, said the museum is not just about financial history but also financial literacy. "Alexander Hamilton helped invent the first bank of the United States that helped stabilize the finances of the United States and set the country on a course of innovation," said Pisani, who is a member of the museum's board of trustees. "Financial literacy is about understanding that kind of history, but it's also about understanding your own personal finances. It's about setting a budget." He pointed out that an individual setting a personal budget is, in essence, "very similar" to the government setting its own budget. "Personal budget and a federal budget are not that far apart," he said. "Financial literacy teaches people to understand how to invest. It teaches people how to save money wisely. It teaches people about the value of compounding interest and how you can have your money work for you." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Americans Drive Into July 4 Holiday With Gas Prices Still Stinging
(Bloomberg) -- Americans hit the peak of the summer driving season this July 4 holiday weekend wincing at the cost of gasoline, still running nearly a dollar a gallon higher than before the war with Iran despite falling sharply in recent weeks. Most Read from Bloomberg Exxon to Change Name for First Time in Decades After Redomicile Why the Great American State Fair Looks So Empty Germany Rejects Trump's Demands for NATO Loyalty to Washington Russia Indicates Ukraine Fired Long-Range Ballistic Missile Meta Is Planning a Cloud Business to Sell AI Computing Power At a Shell station in southern California with a giant US flag flying overhead, Luis Velasquez added just a single gallon of gas to his white Toyota Camry, enough to ensure he could cover the 23-mile (37 kilometers) commute home from the Santa Monica hospital where he works as a senior custodian. Before the war, the 58-year-old Velasquez said he spent about $45 each week on fuel, but that rose to $65 after the war started. He was buying the bare minimum on Tuesday "because it's a lot cheaper at home." Prices have come down, he acknowledged, but "it's still expensive, everything is expensive." In fact, US drivers are on pace for the third-most expensive Fourth of July on record at the pumps – only behind 2022 and 2008, according to the American Automobile Association. Rather than staying home, many of them are offsetting higher travel costs by taking shorter vacations, choosing closer destinations or cutting back on extras like eating out or buying souvenirs, AAA said. A record-setting 61.4 million people are expected to hit the road during the Independence Day holiday period, AAA forecasts. It's the second-biggest driving period of the year after Thanksgiving. There's little doubt that the pain at the pumps could have been worse. The average national gasoline price eased in June from a high of over $4.56 a gallon, with the price of crude oil retreating toward pre-war levels as flows recovered out of the Persian Gulf following talks between Iran and the US. Still, at about $3.84 a gallon, prices are far off their prewar levels of less than $3 a gallon. With just four months to go before the midterm elections, that could be a problem for Trump and Republican leaders in Washington hoping to keep control of Congress in November. Two-thirds of Americans say high gasoline prices are causing financial hardship for their households, according to a Gallup poll taken June 1-15. Nearly half of Americans say they have changed their summer travel plans as a result. Story Continues "Nothing really moves the needle as much as gas prices," said Jordan Cole, 31, who was filling up at a QuikTrip south of Atlanta. At the same station, truck technician Marcus Lampkin put $26 into his fuel-efficient Kia — an amount he said gets him about three-quarters of a tank now after being enough to fill up before the war. He blamed Trump for initiating a conflict that pushed prices higher, saying, "We have no business being over there." Consumers are hyper-aware of gas price movements and they are an important driver of voter sentiment, said Laurel Harbridge-Yong, a political science professor at Northwestern University who studies the impact of fuel costs on presidential approval. "When you think about your grocery bill, it's maybe slowly inching up, but you don't have the same visceral reaction that you do of, 'Wow, a month ago I could fill up my tank for $40 and now it's $60,'" Harbridge-Yong said. Still, US consumer confidence edged up in June as gasoline prices fell, helping assuage some of the anxiety Americans have expressed about the economy in recent months. Trump repeatedly vowed that gas prices would "drop like a rock" once the Middle East conflict ended, and he has started to accuse stations of not lowering their prices fast enough to meet his expectations. "Gasoline Retailers must get their Prices down, IMMEDIATELY!," Trump said in a June 29 social media post. "If Retailers don't do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number." Brent Rosenthal, a 71-year-old retired attorney who was filling his Lexus hybrid along Interstate-71 north of Columbus, Ohio, said he doesn't expect that to happen anytime soon. "I don't think they'll go down to what they were pre-war," said Rosenthal, who said he used to be a conservative but now leans more progressive. "I just don't believe a word that Trump says." Energy analysts agree that higher prices will linger. Retail gasoline prices typically take longer to fall than crude oil, with some branded retailers still locked into supply contracts at high prices and others recovering lost profits from when costs surged. The gasoline supply picture in the US is also unusually tight, with considerably less automotive fuel on hand entering July after refiners focused more on jet fuel and diesel. That said, gasoline supplies could rebalance faster than expected as refining capacity comes back online and imports pick up. For now, though, relatively high demand, combined with a tight supply picture, is helping keep prices higher, according to Susan Bell, senior vice president of downstream research at Rystad Energy. That means other supply shocks, like refinery disruptions, will have a comparatively outsized impact on prices, according to Thomas Weinandy, principal research economist for Upside, an app that provides cash back on gas purchases. "Drivers may see lower prices going into the holiday, but the market remains especially vulnerable to sudden spikes," Weinandy said. While many drivers are frustrated at the cost of filling up, it doesn't mean they all disapprove of the war that sent prices soaring. Brian Smith of Fairborn, Ohio, said it had been costing him more than $105 to top up the tank of his Ram 1500 pickup truck just a few weeks ago. It's since fallen to about $84. Smith said he welcomes the lower prices and thinks the war in the Middle East was worth the higher fuel costs if it prevents Iran from getting and using a nuclear weapon. "I can't imagine that the whole world isn't thankful for it because we just couldn't let it happen," the 67-year-old Smith, who works in machinery sales, said. "Unfortunately, we've got bad players in this world, and I've agreed with Trump from the standpoint that the best defense is having a good offense." Not everyone is worried about fuel costs. Across the street from the Santa Monica Shell station, Ed Kershaw, a 26-year-old marketing manager at a gold investing company, plugged his Tesla into a bank of superchargers. Kershaw said he doesn't pay much attention to gas prices, or even electricity rates, because he has free charging for life grandfathered into his 2014 model. But he still frets about the cost of living. "I'm thinking about paying for groceries, I'm thinking about paying my utilities and my rent, but gas prices are luckily not something I have to worry about," Kershaw said. In the car-dependent US, though, scaling back on driving often isn't an option, or at least isn't an easy choice to make. Liz Smith filled up on Monday on the way back to Colorado from a road trip to Maine. The 44-year-old mother of four said she's noticed that gas prices have come down since she started the trip a month ago. But it costs more than $100 to fill up her Chevrolet Suburban, and she considered not even making the trip when gas prices were over $4 a gallon. "We thought about not going because it was so expensive," Smith said at a BP station in Sunbury, Ohio. "But it's more expensive to fly, and I think it's just like, you only live once, take the trip." Most Read from Bloomberg Businessweek The Fun Shortage Is Real, and It's Making America Miserable 'Southern Squeeze' Grips US Cities Once Known for Affordability The Wall Street Women Who Traded Finance Careers for Influencer Success Spain Built Too Much Solar. Investors Want Out Porsche and Other Luxury Car Icons Are Losing Appeal in China ©2026 Bloomberg L.P. View Comments
Euro Area PMI lifts above estimates
[Euro Currency Symbol in Frankfurt, Germany Financial District] Schroptschop Composite PMI In the Euro Area increased to 50 points in June from 48.50 points in May, beating forecast of 49.5. Services PMI In the Euro Area increased to 49.40 points in June from 47.70 points in May, above estimates of 48.9. "An easing of downturn in eurozone service sector business activity during June is welcome news and, in conjunction with manufacturing growth, means the wider economy has stabilised after two months of falling output," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence. MORE ON EURO AREA * U.S. Hiring Slows Sharply In June, Unemployment Rate Ticks Down To 4.2%; EUR/USD Technical Analysis [https://seekingalpha.com/article/4919628-us-hiring-slows-sharply-in-june-unemployment-rate-ticks-down-to-4-2-percent-eur-usd-technical-analysis] * The U.S. Labor Market Is Losing Momentum - As Is The USD [https://seekingalpha.com/article/4919563-us-labor-market-losing-momentum-as-is-usd] * Macro Insights: H2 Outlook, A Hawk-Eyed Fed, And The AI TAM Contraction [https://seekingalpha.com/article/4919201-macro-insights-h2-outlook-a-hawk-eyed-fed-and-the-ai-tam-contraction] * Eurozone unemployment rate holds steady at 6.2% in May [https://seekingalpha.com/news/4609557-eurozone-unemployment-rate-holds-steady-at-62-in-may] * Europe markets in green as risk appetite lifts [https://seekingalpha.com/news/4609542-europe-markets-in-green-as-risk-appetite-lifts]
Canada unveils Alberta-to-Pacific oil pipeline to cut dependence on the U.S.
[Canada and american national flags waving in the wind on a clear day] rarrarorro Canada unveiled plans to build a new oil pipeline from Alberta to the Pacific coast to expand crude exports to Asia, with construction expected to begin as early as September 2027. Prime Minister Mark Carney announced the proposal alongside Alberta Premier Danielle Smith, saying the governments had agreed "the time for action is now." The proposed pipeline would transport about 1M barrels of crude per day from Alberta to British Columbia's Pacific coast. The initiative underscores the Carney government's efforts to balance Canada's climate goals with growing economic pressures stemming from U.S. President Donald Trump's trade policies. Canada is seeking to reduce its reliance on the U.S., which receives the vast majority of its crude exports, by expanding access to overseas markets. Under the proposal, government-owned Trans Mountain Corp. would develop the pipeline in partnership with Pembina Pipeline, which would hold a 10% stake during construction. The federal and Alberta governments would retain majority ownership of the project. MORE ON CANADA * EWC: Canada In Technical Recession, But Here's Why You Want To Buy (Rating Upgrade) [https://seekingalpha.com/article/4910370-ewc-canada-in-technical-recession-but-heres-why-you-want-to-buy-upgrade] * Canada's manufacturing growth accelerates to 53.0 in June [https://seekingalpha.com/news/4609569-canadas-manufacturing-growth-accelerates-to-530-in-june] * USMCA review: U.S. unlikely to extend free trade deal [https://seekingalpha.com/news/4608724-usmca-review-us-unlikely-to-extend-free-trade-deal] * Seeking Alpha’s Quant Rating on iShares MSCI Canada ETF [https://seekingalpha.com/symbol/EWC/ratings/quant-ratings] * Dividend scorecard for iShares MSCI Canada ETF [https://seekingalpha.com/symbol/EWC/dividends/scorecard]
June jobs data is a ‘reality check for the real economy’ – JPMorgan’s David Kelly
[Stock quotes graphs and American dollar bill] Konoplytska The June jobs report [https://seekingalpha.com/news/4609624-nonfarm-payrolls-growth-cools-more-than-expected-in-june] served as a "reality check for the real economy," revealing what JPMorgan Asset Management chief global strategist David Kelly calls a "tortoise of an economy" marked by sluggish growth. In an interview with CNBC, Kelly pointed to weak job gains, declining real wages for a third consecutive month, and the Atlanta Fed's projection of just over 1% growth for the second quarter as evidence of broader economic malaise. Kelly emphasized the “tremendous divergence” between the excitement surrounding AI and tech on Wall Street and the struggles of the broader economy. "I think it's just very important for those of us looking at financial markets to take our eyes off that for a moment to recognize what's going on in the real economy because there's a huge tension here between booming tech and really sluggish everything else," he said. The strategist also warned about mounting pressures on consumers and government finances. With the federal deficit projected to exceed $2T this year and approximately $50B in tariff refunds paid out last month, the government's ability to stimulate consumers is increasingly limited. "The lower middle-income consumers really aren't okay. They're kind of struggling here," Kelly noted, adding that without continued momentum in the tech sector, "we could find ourselves in a more serious problem." Despite concerns about economic weakness, Kelly sees a silver lining for monetary policy: rate hikes are likely off the table. He believes the markets were pricing in too much tightening, estimating the FOMC voting members favor holding rates steady by roughly eight to four. "This is not an inflation-generating economy," he explained. "We've got Teflon inflation in America. It won't stick, and it won't stick because you can't get a price-wage spiral if wages don't react." Looking ahead, Kelly forecasts inflation will continue declining, with CPI falling from the May peak of 4.2% to approximately 3% by December and potentially below 2% by May of next year. He cited rising housing vacancies and slowing rental growth as key factors, noting that rents constitute about a third of CPI calculations and are expected to ease further. MORE ON THE U.S. ECONOMY * Mortgage rates hit seven-week low, housing activity estimated to bolster through summer [https://seekingalpha.com/news/4609724-mortgage-rates-hit-seven-week-low-housing-activity-estimated-to-bolster-through-summer#source=url_first_level%3Amarket-news%7Csection%3Aus-economy%7Csection_asset%3Anews_title] * Weak job data handed Bitcoin a lifeline: BTC price reclaims $62K; who else helped? [https://seekingalpha.com/news/4609678-weak-job-data-handed-bitcoin-a-lifeline-btc-price-reclaims-62k-who-else-helped#source=url_first_level%3Amarket-news%7Csection%3Aus-economy%7Csection_asset%3Anews_title] * Factory orders fall less than expected in May as April number is revised higher [https://seekingalpha.com/news/4609674-factory-orders-fall-less-than-expected-in-may-as-april-number-is-revised-higher#source=url_first_level%3Amarket-news%7Csection%3Aus-economy%7Csection_asset%3Anews_title] * Odds of rate hike before year-end fall; odds for one 25 bps cut rise [https://seekingalpha.com/news/4609666-odds-of-rate-hike-before-year-end-fall-odds-for-one-25-bps-cut-rise#source=url_first_level%3Amarket-news%7Csection%3Aus-economy%7Csection_asset%3Anews_title] * U.S. jobless claims fall to 215K, beating estimates as labor market holds firm [https://seekingalpha.com/news/4609641-us-jobless-claims-fall-to-215k-beating-estimates-as-labor-market-holds-firm#source=url_first_level%3Amarket-news%7Csection%3Aus-economy%7Csection_asset%3Anews_title]
U.S. Jobless Claims Unexpectedly Edge Down To 215,000
(RTTNews) - First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended June 27th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims slipped to 215,000, a decrease of 1,000 from the previous week's revised level of 216,000. Economists had expected jobless claims to rise to 220,000 from the 215,000 originally reported for the previous week. The report said the less volatile four-week moving average also dipped to 222,000, a decrease of 2,500 from the previous week's revised average of 224,500. Meanwhile, the Labor Department said continuing claims, a reading on the number of people receiving ongoing unemployment benefits, crept up by 2,000 to 1.814 million in the week ended June 20th. The four-week moving average of continuing claims also rose to 1,803,000, an increase of 10,750 from the previous week's revised average of 1,792,250. A more closely watched Labor Department report that was also released on Thursday showed employment in the U.S. increased by much less than expected in the month of June. The report said non-farm payroll employment rose by 57,000 jobs in June after jumping by 129,000 jobs in May. Economists had expected employment to climb by 114,000 jobs compared to the addition of 172,000 jobs originally reported for the previous month. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Stocks making the biggest moves premarket: Sandisk, Robinhood, Palantir & more
Check out the companies making the biggest moves premarket: Alphabet — The parent company of Google was lower by 1% after the subsidiary lost a European antitrust case , where a court upheld Google's fine of 4.1 billion euros ($4.67 billion). The fine comes from a 2018 decision by the European Commission to punish Google for what it saw as anticompetitive practices by the company through giving its own applications unfair advantages in Android products. Bending Spoons — Shares of the Italian technology company were off 7% after its public market debut on Wednesday. The stock soared almost 40% from its IPO level on Wednesday. AeroVironment — The defense technology company rose 4% after it won a $500 million contract with the U.S. Army. The contract is to develop counter-drone capabilities to the military. Palantir — Shares jumped more than 3% after a D.A. Davidson upgrade to buy from neutral. Analysts at the firm also said they view the stock's valuation as the most attractive in some time. Shares were pacing to end the shortened trading week up more than 15%. Strategy , Coinbase — The stocks were higher as bitcoin prices crossed $61,000, now pacing for a two-day rally totaling 4.5%. Crypto treasury company Strategy rose 6%, while trading platform Coinbase was up more than 3%. Robinhood — Bitcoin's rally wasn't the only contributor to Robinhood's rise in premarket trading Thursday, as analysts at Mizuho hiked their price target to $130 for the stock. Analysts said that Robinhood has the chance to become the "hyperscaler" of online brokerages, noting the possibility of gaining dominance across borders rather than within one singular country. Memory stocks — Shares of a slew of companies were again lower on Thursday after they tumbled on Wednesday as investors took some profits as the second quarter began. Sandisk , which fell more than 10% on Wednesday, was off 3.5% in premarket trading Thursday. Western Digital and Seagate Technology fell 2.5%, after shares fell 6% and 5% on Wednesday, respectively.
SpaceX may emerge as ultimate blueprint for new wave of mega-cap IPOs
SpaceX may put other mega-cap IPOs on the fast track. According to Kathmere Capital Management's chief investment officer, it could emerge as the ultimate blueprint for Silicon Valley — especially when it comes to the expected Anthropic and OpenAI public debuts. "It would not surprise me at all to see a similar dynamic play out with some of these [IPOs] set to come in the months ahead," Nick Ryder told CNBC's "ETF Edge" this week. Ryder, whose firm provides financial advice to individuals and businesses, contends market conditions will determine whether upcoming mega-cap IPOs will rip a page from SpaceX's playbook. "We've been in… a pretty historic two- [or] three-month rally for the equity market [which] was feeding into [SpaceX]," added Ryder. "When these other mega IPOs eventually come to market the environment might be different, and so it's really hard to predict how it will be." Stock Chart IconStock chart icon SpaceX since public debut SpaceX, which went public on June 12 with a historic $2 trillion-plus market cap, soared 53% above its $150 opening price in just three trading days. But the big gain didn't last. As of Wednesday's close, shares of the aerospace and satellite company are up nearly 17% since the debut. Index inclusion Also notable: SpaceX is one of the fastest stocks to get added to major indexes. It's already in the Russell 1000. Now, it's set to be added to the Nasdaq-100 on July 6 after the market close. Arne Noack is the FTSE Russell head of equity & multi-asset indices for the Americas. He sees the indexes themselves, rather than SpaceX, as the true blueprint for upcoming IPOs. "As index providers, [we] have put in place a blueprint that is clearly visible for anyone… meaning there is a fast-track eligibility. If you meet certain thresholds, you're potentially eligible for index inclusion," Noack said. Disclaimer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Warsh faces multiple alternative inflation signs as Fed charts new course
Federal Reserve Chairman Kevin Warsh has said that inflation is a "choice." The same could also be true of how inflation is measured. While the central bank has its own favorite metric courtesy of the Commerce Department, the public data base is rife with other gauges of how price pressures are best viewed. It's likely that many of them will get a serious look as the Warsh Fed plots what he called on Wednesday a "new course" for how it operates — and specifically what will be the data triggers for the ways it implements monetary policy. "My hope, my aspiration, is that nine-12 months from now we're going to be using new technologies to understand what's happening in the real economy in a contemporaneous, real-time way that positions us as central bankers to make better decisions," he said during a discussion at the European Central Bank Forum on Monetary Policy in Sintra, Portugal. Warsh has formulated five task forces to look at an array of Fed functions. One will be data-focused while another will take a look at how officials measure, and react to, inflation. The review is sure to be about more than the age-old battle between headline inflation and core inflation, the latter excluding the day-to-day necessities of gas and groceries because of how volatile those prices can be. Instead, the Fed can use the process as a way to bring in other data points that paint a more complete picture of the cost-of-living challenges consumers face from inflation, which has been running hot for five years. A variety of choices These include measures from other central bank offices such as the Dallas Fed and its focus on "trimmed mean" inflation that includes outliers. Or the Atlanta Fed's "sticky" and flexible" inflation that distinguishes between prices that tend to move up and down a lot and those that are steadier. There are also widely followed surveys from the University of Michigan and the New York Fed, as well as private sector measures such as the "Truflation" gauge that employs "cutting-edge technology to deliver the world's only verifiable daily inflation indexes." Perhaps unsurprisingly, these measures can and do present very different pictures of inflation, with some reinforcing the view that prices are still too high and others saying the Fed might be closer to its 2% goal than traditional measures indicate. "A good read on where inflation is headed is critical to whether the Fed needs to move rates," Claudia Sahm, chief economist for New Century Advisors, wrote in a Substack post Tuesday. "But trend is not destiny — even a 2% trend is no guarantee of price stability, since actual inflation can diverge from trend as it does now." A basic view of the mainstream indicators shows inflation is well above the Fed's 2% target. The consumer price index — a broad amalgam of what consumers pay for goods and services — showed headline inflation running at a 4.2% annual pace in May, with core inflation at 2.9%. At the same time, the personal consumption expenditures price index — the Fed's preferred gauge that is more aggressive at adjusting for consumers' behavioral changes like substituting less expensive items for costlier ones — put the respective numbers at 4.1% and 3.4%. Economists largely believe core is a better long-run gauge of inflation as it omits the most volatile categories, particularly important now considering the Iran war's impact on energy prices. Outside the norm Other indicators, though, show different results. The Dallas Fed "trimmed mean," an average of inflation figures that tosses out the 24% of items that have the lowest price changes and 31% with the highest, shows a 12-month rate of just 2.4%. But there's one important caveat with what is otherwise considered a trusty metric: Dallas Fed President Lorie Logan has warned that the methodology as currently deployed may be discarding the wrong prices. Elsewhere, the Atlanta Fed's flexible and sticky price gauges present a fascinating dichotomy: sticky prices running at a 3.1% 12-month annualized rate, and flexible prices at 7%, the highest since November 2022. On the other hand, Truflation paints a much more benign picture, at just 1.75%. The measure has mostly moved in-step directionally with the CPI and PCE gauges but showed a much higher peak of 11.5% in June 2022, a time when CPI had topped out around 9%. Finally, market-based measures also point to a less severe inflation backdrops. The 2-year Treasury yield, sensitive to the vagaries of Fed rate policy, popped following Warsh's first news conference in June but has since eased a bit. Similarly, the Treasury market's five-year inflation indicator has plunged since May and is now at just 2.26% and the one-year "breakeven" rate has fallen nearly half a percentage point since May, albeit still elevated around 3%. For Warsh, all of these data points, plus others from various agencies, present a complicated mosaic that his task forces will have to sift through. The chairman on Wednesday indicated that the Fed's criteria will change dramatically and be more responsive to the current environment. "We're no longer going to have to rely solely on data that we get from government agencies with mismeasurement problems that have surveys that are no longer relevant," Warsh said. "If we do our jobs, we'll be here a year from now, and we'll say we've discovered data that helps us make better decisions, and we live up to our promise." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Nigeria Unveils World-Class Critical Minerals Discovery
Nigeria has announced the discovery of a world-class, polymetallic deposit in Kaduna State, with government experts saying it's one of the country's most important critical minerals discoveries in recent years. Located around the pegmatite region of Gidan Waya in the Jema'a Local Government Area, the deposit contains nickel, copper, gold, platinum group metals and rare earth elements. The discovery was made by Steron Mining, with the Nigerian Geological Survey Agency (NGSA) confirming the find. Kaduna State is renowned for the exceptional purity and grade of its platinum, lithium and other associated rare earth elements. Alongside the Kaduna announcement, Steron Mining recently discovered 3.3 million metric tonnes of lithium reserves at its project near Abuja, with total mineral resources estimated at 94.8 million tonnes. Crude oil remains Nigeria's primary source of foreign exchange, generating ?20.22 trillion ($14.66 billion) in export revenue during the first five months of the current year. But the government is working to build mining into a second major source of revenue. Fiscal collections from the solid minerals sector reached ?63.92 billion ($46.3 million) in the first 11 months of 2025, up from ?38 billion during all of 2024. To accelerate that growth, Abuja has introduced a series of reforms aimed at curbing illegal mining, increasing government revenues and developing more than 40 commercially viable mineral resources, particularly lithium and other energy transition metals. Related: Philippines Becomes World's Top Solar Panel Buyer The government now requires mining license applicants to submit plans for processing and refining minerals locally rather than exporting raw ore, with the goal of retaining more investment, jobs and economic value inside the country. It has also revoked more than 1,600 inactive or illegally held mineral titles, while the Mining Cadastre Office (MCO) has canceled more than 4,700 dormant, expired and illegally acquired titles to curb land banking and speculative hoarding. Not surprisingly, China is looking to stake out its claims on Nigeria's burgeoning mining sector, particularly midstream and downstream processing. Jiuling Lithium Mining Company is backing a US $600 million processing facility located at the boundary of Kaduna and Niger states in northern Nigeria while Canmax Technologies is developing a US $200 million lithium processing facility in Nasarawa State, Nigeria. As a massive global supplier, Canmax Technologies oversees operations and integrates the output from Nasarawa directly into the international EV battery supply chain. The plant supports the Nigerian Federal Government's policy to discourage the export of raw, unprocessed solid minerals, forcing mining companies to retain economic value locally. Story Continues China is Nigeria's largest import partner, dominating the supply of consumer goods, vehicles, electronics and building materials. Chinese firms have also set up major assembly plants and manufacturing hubs, including those in the Ogun-Guangdong Free Trade Zone. Chinese companies such as CNOOC hold significant stakes in lucrative offshore oil and gas licenses. Furthermore, Chinese firms are heavily involved in the power sector, securing multi-billion-dollar contracts for power plants and national electricity super grids. Meanwhile, China's technology giants like Huawei and ZTE supply the backbone hardware for Nigeria's major telecom providers such as MTN, Airtel and Glo, and have won extensive national contracts for e-government and security infrastructure. That said, oil is likely to remain a major driver in Nigeria's economy for years to come. Previously, we reported that Nigeria is looking to increase crude oil production to capitalize on the supply gaps resulting from ongoing geopolitical tensions in the Middle East. The Nigerian National Petroleum Company (NNPC) Limited has set a target to increase oil production by ~100,000 b/d to 1.8 million bpd. Major energy firms are investing heavily in new drilling programs to scale up capacity, with the likes of Oando and Heirs Energies securing fresh capital for multi-well programs that will significantly boost both daily production and long-term reserves. The 650,000-barrel-per-day Dangote Refinery has fundamentally transformed Nigeria's oil sector by ending the country's decades-long reliance on imported fuel, easing pressure on the foreign exchange market, and positioning Nigeria as a net exporter of refined petroleum products across Africa and globally. The refinery meets Nigeria's daily domestic fuel demand with surplus output, shielding the country from volatile international oil supply chain disruptions. The facility has transformed Nigeria into a major regional energy hub, rapidly dispatching petroleum product cargoes to West, Central, and East Africa, as well as reaching international markets in the Americas. By Alex Kimani for Oilprice.com More Top Reads From Oilprice.com VLCC Earnings Near $470,000 a Day as Hormuz Hopes Drive Tanker Frenzy Gulf Producers Race to Load Oil and LNG as Hormuz Stays Open Pakistan Plans to Boost LPG Imports and Mulls Cheaper Oil Supply from Iran Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. 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NLNG awards Baker Hughes 13-year gas turbine services contract
Baker Hughes has been awarded a 13-year contract by Nigeria LNG (NLNG) to deliver comprehensive life cycle services for turbomachinery at the latter's liquefaction facility in Bonny Island, Nigeria. The newly signed service agreement extends a partnership between the two companies that has lasted for more than 20 years. Under the contract, Baker Hughes will supply maintenance and support services for equipment linked to the new Train 7 liquefied natural gas (LNG) project. Train 7 is expected to increase Nigeria LNG's production capacity from 22 million tonnes per annum (mtpa) to 30mtpa. Baker Hughes chief growth and experience officer and industrial and energy technology interim executive vice-president Maria Claudia Borras said: "This agreement reinforces the strength of our long-standing collaboration with NLNG and our commitment to the region. "Our advanced life cycle services and regional expertise can help NLNG ensure efficient and reliable operations at its Bonny Island facility, while bolstering energy reliability as Nigeria continues to harness its proven gas reserves to meet growing global energy demands." The scope of the agreement includes servicing four heavy duty gas turbines and corresponding centrifugal compressors, as well as two further gas turbines for power generation. These units were previously awarded to Baker Hughes in 2021. The service package will utilise a local engineering team and include iCenter digital services powered by the company's Cordant platform. These digital services aim to provide remote diagnostics and improve the reliability and availability of supported equipment. Work related to the agreement will take place at the Baker Hughes Service Centre in Nigeria's Port Harcourt, which employs local staff and offers life cycle support services. According to Baker Hughes, the development of Train 7 is set to play an important role in Nigeria's aspiration to join the ranks of the top global LNG producers. Nigeria LNG managing director and CEO Adeleye Falade said: "Utilising Baker Hughes' industry-leading life cycle services and digital expertise will help support the successful long-term operation of our Train 7 project. "As we expand our production capacity, we are strengthening Nigeria's role as a competitive global energy supplier, creating greater economic value for our stakeholders and supporting a practical energy transition through the delivery of lower-carbon energy solutions." NLNG began operations in 1999 with a two-train plant and has since grown to a six-train facility, delivering more than 6,000 LNG cargoes to customers worldwide. Story Continues The final investment decision for Train 7 was reached in December 2019. In May 2020, the engineering, procurement and construction contract was awarded to the SCD JV Consortium comprising affiliates of Saipem, Chiyoda and Daewoo. Baker Hughes recently secured a long-term service agreement from the ANOH Gas Processing Company to support the operation of the ANOH Gas Processing Plant in Nigeria. "NLNG awards Baker Hughes 13-year gas turbine services contract" was originally created and published by Offshore Technology, a GlobalData owned brand. View Comments
Baker Hughes secures long-term service agreement for Nigerian gas project
[Baker Hughes office building in Houston, Texas, USA.] JHVEPhoto/iStock Editorial via Getty Images Baker Hughes (BKR [https://seekingalpha.com/symbol/BKR]) said late Monday it was awarded [https://seekingalpha.com/pr/20559991-baker-hughes-awarded-significant-long-term-service-agreement-with-anoh-gas-processing-company] a "significant" long-term service agreement to provide lifecycle services and digital monitoring support for the ANOH gas processing plant in Nigeria; financial terms were not disclosed. The company said the agreement covers maintenance, repair services, engineering support, and digital monitoring for critical turbomachinery equipment at the facility, including two NovaLT 16 gas turbines, and will deploy its iCenter digital services platform to provide remote monitoring and diagnostics aimed at improving equipment reliability and operational performance. The ANOH plant is a key component of Nigeria’s strategy to expand domestic natural gas utilization for power generation and industrial development. Baker Hughes (BKR [https://seekingalpha.com/symbol/BKR]) said the agreement builds on its existing relationship with ANOH; in 2019, the company supplied an integrated power island solution for the facility, inclusive of two NovaLT 16 gas turbines — the first supplied in Sub-Saharan Africa — along with compressors and gears. MORE ON BAKER HUGHES * Baker Hughes Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript [https://seekingalpha.com/article/4909231-baker-hughes-company-bkr-presents-at-bernstein-42nd-annual-strategic-decisions-conference] * Baker Hughes: Timing An Acquisition Close Perfectly [https://seekingalpha.com/article/4897850-baker-hughes-timing-an-acquisition-close-perfectly] * Baker Hughes: Record Backlog, Iran Tailwinds, And AI Exposure Aren't Enough [https://seekingalpha.com/article/4893918-baker-hughes-record-backlog-iran-tailwinds-and-ai-exposure-arent-enough]
Explosive Growth Expected: Nigeria's Social Commerce Market to Reach $12.43 Billion by 2026
Dublin, June 05, 2026 (GLOBE NEWSWIRE) -- The "Nigeria Social Commerce Market Intelligence and Future Growth Dynamics Databook - 50+ KPIs on Social Commerce Trends by End-Use Sectors, Operational KPIs, Retail Product Dynamics, and Consumer Demographics - Q1 2026 Update" has been added to ResearchAndMarkets.com's offering. The Nigerian social commerce market is undergoing a significant transformation, with impressive growth projected over the coming decade. Expected to increase by 13.0% annually, this market is poised to reach USD 12.43 billion by 2026. During the period of 2022-2025, the market witnessed a robust compound annual growth rate (CAGR) of 14.1%. This expansion is set to continue, with forecasts predicting a CAGR of 10.9% from 2026 to 2031, culminating in a market valuation of approximately USD 20.84 billion by the end of 2031. Our comprehensive report delves into the intricacies of the social commerce landscape in Nigeria, offering detailed, data-centric analysis that highlights market opportunities and potential risks across various retail sectors. With over 50+ key performance indicators (KPIs) at the national level, our insights provide a nuanced understanding of market dynamics and future trends, supported by market size projections and share statistics. Market Segmentation and Analysis Retail Product Categories: Gain insights across sectors like Clothing & Footwear, Beauty and Personal Care, Food & Grocery, Appliances and Electronics, Home Improvement, Travel, and Hospitality.Consumer Segments: Understand the distribution across B2B, B2C, and C2C models.Device and Location: Forecasting includes analysis by mobile and desktop usage, as well as domestic vs. cross-border transactions, impacting Tier-1 to Tier-3 cities.Payment Methods: Explore trends across Credit Card, Debit Card, Bank Transfer, Prepaid Card, Digital & Mobile Wallet, and cash transactions.Platforms and Consumer Behaviour: Examine the role of Video Commerce, Social Network-Led Commerce, Social Reselling, Group Buying, and more, segmented by consumer demographics such as age, income, and gender. Report Features and Benefits Strategic Insights: Identify strategic initiatives and innovations undertaken by major industry players to capture market share.Comprehensive Market Dynamics: Navigate through emerging opportunities and critical trends shaping the social commerce landscape in Nigeria.Value and Volume Metrics: Access comprehensive KPIs that provide precise understanding of market dynamics.Competitive Landscape: Analyze the market structure and influential players to develop informed strategies and increase ROI.Enhanced Consumer Understanding: Leverage insights into consumer behaviour to optimize retail strategies and improve target audience engagement. Unlock the future of the Nigerian social commerce market with our in-depth report, complete with 44 tables and 57 charts, designed to empower strategic decision-making and foster growth in this dynamic sector. Key Attributes: Report AttributeDetailsNo. of Pages71Forecast Period2026 - 2031Estimated Market Value (USD) in 2026$12.43 BillionForecasted Market Value (USD) by 2031$20.84 BillionCompound Annual Growth Rate10.9%Regions CoveredNigeria Key Topics Covered: 1. About this Report 1.1 Summary 1.2 Methodology 1.3 Definition 1.4 Disclaimer 2. Nigeria Ecommerce Industry Market Size and Future Growth Dynamics by Key Performance Indicators 2.1 Nigeria Ecommerce - Gross Merchandise Value Trend Analysis, 2022-2031 2.2 Nigeria Ecommerce - Average Value Per Transaction Trend Analysis, 2022-2031 2.3 Nigeria Ecommerce - Transaction Volume Trend Analysis, 2022-2031 3. Nigeria Social Commerce Market Size and Future Growth Dynamics by Key Performance Indicators 3.1 Nigeria Social Commerce - Gross Merchandise Value Trend Analysis, 2022-2031 3.2 Nigeria Social Commerce - Average Value Per Transaction Trend Analysis, 2022-2031 3.3 Nigeria Social Commerce - Transaction Volume Trend Analysis, 2022-2031 3.4 Nigeria Social Commerce Market Share Analysis by Key Players 4. Nigeria Social Commerce Market Size and Forecast by Location 4.1 Nigeria Social Commerce Market Share by Location (%), 2022-2031 4.2 Nigeria Social Commerce by Cross Border - Gross Merchandise Value Trend Analysis, 2022-2031 4.3 Nigeria Social Commerce by Domestic - Gross Merchandise Value Trend Analysis, 2022-2031 5. Nigeria Social Commerce Market Size and Forecast by Product Categories 5.1 Nigeria Social Commerce Market Share by Product Categories (%), 2025 5.2 Nigeria Social Commerce by Clothing & Footwear - Gross Merchandise Value Trend Analysis, 2022-2031 5.3 Nigeria Social Commerce by Beauty and Personal Care - Gross Merchandise Value Trend Analysis, 2022-2031 5.4 Nigeria Social Commerce by Food & Grocery - Gross Merchandise Value Trend Analysis, 2022-2031 5.5 Nigeria Social Commerce by Appliances and Electronics - Gross Merchandise Value Trend Analysis, 2022-2031 5.6 Nigeria Social Commerce by Home Improvement - Gross Merchandise Value Trend Analysis, 2022-2031 5.7 Nigeria Social Commerce by Travel - Gross Merchandise Value Trend Analysis, 2022-2031 5.8 Nigeria Social Commerce by Accommodation - Gross Merchandise Value Trend Analysis, 2022-2031 6. Nigeria Social Commerce Market Size and Forecast by End Use Segment 6.1 Nigeria Social Commerce Market Share by End Use Segment (%), 2025 6.2 Nigeria Social Commerce by B2C Segment - Gross Merchandise Value Trend Analysis, 2022-2031 6.3 Nigeria Social Commerce by B2B Segment - Gross Merchandise Value Trend Analysis, 2022-2031 6.4 Nigeria Social Commerce by C2C Segment - Gross Merchandise Value Trend Analysis, 2022-2031 7. Nigeria Social Commerce Market Size and Forecast by End Use Device 7.1 Nigeria Social Commerce Market Share by End Use Device (%), 2022-2031 7.2 Nigeria Social Commerce by Mobile - Gross Merchandise Value Trend Analysis, 2022-2031 7.3 Nigeria Social Commerce by Desktop - Gross Merchandise Value Trend Analysis, 2022-2031 8. Nigeria Social Commerce Market Size and Forecast by Cities 8.1 Nigeria Social Commerce Market Share by Cities (%), 2025 8.2 Nigeria Social Commerce by Tier-1 Cities - Gross Merchandise Value Trend Analysis, 2022-2031 8.3 Nigeria Social Commerce by Tier-2 Cities - Gross Merchandise Value Trend Analysis, 2022-2031 8.4 Nigeria Social Commerce by Tier-3 Cities - Gross Merchandise Value Trend Analysis, 2022-2031 9. Nigeria Social Commerce Market Size and Forecast by Payment Method 9.1 Nigeria Social Commerce Market Share by Payment Method (%), 2025 9.2 Nigeria Social Commerce Payment by Credit Card - Gross Merchandise Value Trend Analysis, 2022-2031 9.3 Nigeria Social Commerce Payment by Debit Card - Gross Merchandise Value Trend Analysis, 2022-2031 9.4 Nigeria Social Commerce Payment by Bank Transfer - Gross Merchandise Value Trend Analysis, 2022-2031 9.5 Nigeria Social Commerce Payment by Prepaid Card - Gross Merchandise Value Trend Analysis, 2022-2031 9.6 Nigeria Social Commerce Payment by Digital & Mobile Wallet - Gross Merchandise Value Trend Analysis, 2022-2031 9.7 Nigeria Social Commerce Payment by Other Digital Payment - Gross Merchandise Value Trend Analysis, 2022-2031 9.8 Nigeria Social Commerce Payment by Cash - Gross Merchandise Value Trend Analysis, 2022-2031 10. Nigeria Social Commerce Market Size and Forecast by Platforms 10.1 Nigeria Social Commerce Market Share by Platforms Method (%), 2025 10.2 Nigeria Social Commerce Platforms by Video Commerce (Live Stream + Prerecorded) - Gross Merchandise Value Trend Analysis, 2022-2031 10.3 Nigeria Social Commerce Platforms by Social Network-Led Commerce - Gross Merchandise Value Trend Analysis, 2022-2031 10.4 Nigeria Social Commerce Platforms by Social Reselling - Gross Merchandise Value Trend Analysis, 2022-2031 10.5 Nigeria Social Commerce Platforms by Group Buying - Gross Merchandise Value Trend Analysis, 2022-2031 10.6 Nigeria Social Commerce Platforms by Product Review Platforms - Gross Merchandise Value Trend Analysis, 2022-2031 11. Nigeria Social Commerce Market Size and Forecast by Contents 11.1 Nigeria Social Commerce Market Share by Contents (%), 2025 11.2 Nigeria Social Commerce Contents by Live Streamers - Gross Merchandise Value Trend Analysis, 2022-2031 11.3 Nigeria Social Commerce Contents by Gaming Streamers - Gross Merchandise Value Trend Analysis, 2022-2031 11.4 Nigeria Social Commerce Contents by Reels - Gross Merchandise Value Trend Analysis, 2022-2031 11.5 Nigeria Social Commerce Contents by Influencers - Gross Merchandise Value Trend Analysis, 2022-2031 11.6 Nigeria Social Commerce Contents by Stories - Gross Merchandise Value Trend Analysis, 2022-2031 12. Nigeria Social Commerce Market Size and Forecast by Consumer Demographics & Behaviour 12.1 Nigeria Social Commerce by Spend Share by Age Group, 2025 12.2 Nigeria Social Commerce by Age Group - Gen Z (15-27) - Gross Merchandise Value Trend Analysis, 2022-2031 12.3 Nigeria Social Commerce by Age Group - Millennials (28-44) - Gross Merchandise Value Trend Analysis, 2022-2031 12.4 Nigeria Social Commerce by Age Group - Gen X (45 - 60) - Gross Merchandise Value Trend Analysis, 2022-2031 12.5 Nigeria Social Commerce by Age Group - Baby Boomers (60+) - Gross Merchandise Value Trend Analysis, 2022-2031 12.6 Nigeria Social Commerce Share by Income Level, 2025 12.7 Nigeria Social Commerce Share by Gender, 2025 13. Nigeria Top 5 Social Commerce Platforms - Company Profiles 14. Further Reading 14.1 About the Publisher 14.2 Related Research List of Figures Figure 1: Methodology Framework Figure 2: Nigeria Ecommerce - Gross Merchandise Value (US$ Million), 2022-2031 Figure 3: Nigeria Ecommerce - Average Value Per Transaction Trend Analysis (US$), 2022-2031 Figure 4: Nigeria Ecommerce - Transaction Volume (Million), 2022-2031 Figure 5: Nigeria Social Commerce - Gross Merchandise Value (US$ Million), 2022-2031 Figure 6: Nigeria Social Commerce - Average Value Per Transaction Trend Analysis (US$), 2022-2031 Figure 7: Nigeria Social Commerce - Transaction Volume (Million), 2022-2031 Figure 8: Nigeria Social Commerce Market Share Analysis by Key Players (%), 2025 Figure 9: Nigeria Social Commerce Market Share by Location (%), 2022-2031 Figure 10: Nigeria Social Commerce by Cross Border - Gross Merchandise Value (US$ Million), 2022-2031 Figure 11: Nigeria Social Commerce by Domestic - Gross Merchandise Value (US$ Million), 2022-2031 Figure 12: Nigeria Social Commerce Market Share by Product Categories (%), 2025 Figure 13: Nigeria Social Commerce by Clothing & Footwear - Gross Merchandise Value (US$ Million), 2022-2031 Figure 14: Nigeria Social Commerce by Beauty and Personal Care - Gross Merchandise Value (US$ Million), 2022-2031 Figure 15: Nigeria Social Commerce by Food & Grocery - Gross Merchandise Value (US$ Million), 2022-2031 Figure 16: Nigeria Social Commerce by Appliances and Electronics - Gross Merchandise Value (US$ Million), 2022-2031 Figure 17: Nigeria Social Commerce by Home Improvement - Gross Merchandise Value Trend Analysis, 2022-2031 Figure 18: Nigeria Social Commerce by Travel - Gross Merchandise Value (US$ Million), 2022-2031 Figure 19: Nigeria Social Commerce by Accommodation - Gross Merchandise Value Trend Analysis, 2022-2031 Figure 20: Nigeria Social Commerce Market Share by End Use Segment (%), 2025 Figure 21: Nigeria Social Commerce by B2C Segment - Gross Merchandise Value (US$ Million), 2022-2031 Figure 22: Nigeria Social Commerce by B2B Segment - Gross Merchandise Value (US$ Million), 2022-2031 Figure 23: Nigeria Social Commerce by C2C Segment - Gross Merchandise Value (US$ Million), 2022-2031 Figure 24: Nigeria Social Commerce Market Share by End Use Device (%), 2022-2031 Figure 25: Nigeria Social Commerce by Mobile - Gross Merchandise Value (US$ Million), 2022-2031 Figure 26: Nigeria Social Commerce by Desktop - Gross Merchandise Value (US$ Million), 2022-2031 Figure 27: Nigeria Social Commerce Market Share by Cities - Gross Merchandise Value (%), 2025 Figure 28: Nigeria Social Commerce by Tier-1 Cities - Gross Merchandise Value (US$ Million), 2022-2031 Figure 29: Nigeria Social Commerce by Tier-2 Cities - Gross Merchandise Value (US$ Million), 2022-2031 Figure 30: Nigeria Social Commerce by Tier-3 Cities - Gross Merchandise Value (US$ Million), 2022-2031 Figure 31: Nigeria Social Commerce Market Share by Payment Method (%), 2025 Figure 32: Nigeria Social Commerce Payment by Credit Card - Gross Merchandise Value Trend Analysis, 2022-2031 Figure 33: Nigeria Social Commerce Payment by Debit Card - Gross Merchandise Value (US$ Million), 2022-2031 Figure 34: Nigeria Social Commerce Payment by Bank Transfer - Gross Merchandise Value (US$ Million), 2022-2031 Figure 35: Nigeria Social Commerce Payment by Prepaid Card - Gross Merchandise Value (US$ Million), 2022-2031 Figure 36: Nigeria Social Commerce Payment by Digital & Mobile Wallet - Gross Merchandise Value (US$ Million), 2022-2031 Figure 37: Nigeria Social Commerce Payment by Other Digital Payment - Gross Merchandise Value (US$ Million), 2022-2031 Figure 38: Nigeria Social Commerce Payment by Cash - Gross Merchandise Value Trend Analysis, 2022-2031 Figure 39: Nigeria Social Commerce Market Share by Platforms Method (%), 2025 Figure 40: Nigeria Social Commerce Platforms by Video Commerce (Live Stream + Prerecorded) - Gross Merchandise Value Trend Analysis, 2022-2031 Figure 41: Nigeria Social Commerce Platforms by Social Network-Led Commerce - Gross Merchandise Value (US$ Million), 2022-2031 Figure 42: Nigeria Social Commerce Platforms by Social Reselling - Gross Merchandise Value (US$ Million), 2022-2031 Figure 43: Nigeria Social Commerce Platforms by Group Buying - Gross Merchandise Value (US$ Million), 2022-2031 Figure 44: Nigeria Social Commerce Platforms by Product Review Platforms - Gross Merchandise Value (US$ Million), 2022-2031 Figure 45: Nigeria Social Commerce Market Share by Contents (%), 2025 Figure 46: Nigeria Social Commerce Contents by Live Streamers - Gross Merchandise Value (US$ Million), 2022-2031 Figure 47: Nigeria Social Commerce Contents by Gaming Streamers - Gross Merchandise Value (US$ Million), 2022-2031 Figure 48: Nigeria Social Commerce Contents by Reels - Gross Merchandise Value (US$ Million), 2022-2031 Figure 49: Nigeria Social Commerce Contents by Influencers - Gross Merchandise Value Trend Analysis, 2022-2031 Figure 50: Nigeria Social Commerce Contents by Stories - Gross Merchandise Value (US$ Million), 2022-2031 Figure 51: Nigeria Social Commerce by Share by Age Group (%), 2025 Figure 52: Nigeria Social Commerce by Age Group - Gen Z (15-27) - Gross Merchandise Value Trend Analysis (US$ Million), 2022-2031 Figure 53: Nigeria Social Commerce by Age Group - Millennials (28-44) - Gross Merchandise Value Trend Analysis (US$ Million), 2022-2031 Figure 54: Nigeria Social Commerce by Age Group - Gen X (45 - 60) - Gross Merchandise Value Trend Analysis, 2022-2031 Figure 55: Nigeria Social Commerce by Age Group - Baby Boomers (60+) - Gross Merchandise Value Trend Analysis (US$ Million), 2022-2031 Figure 56: Nigeria Social Commerce Share by Income Level (%), 2025 Figure 57: Nigeria Social Commerce Share by Gender (%), 2025 List of Tables Table 1: Nigeria Ecommerce - Gross Merchandise Value (US$ Million), 2022-2031 Table 2: Nigeria Ecommerce - Average Value Per Transaction Trend Analysis (US$), 2022-2031 Table 3: Nigeria Ecommerce - Transaction Volume (Million), 2022-2031 Table 4: Nigeria Social Commerce - Gross Merchandise Value (US$ Million), 2022-2031 Table 5: Nigeria Social Commerce - Average Value Per Transaction Trend Analysis (US$), 2022-2031 Table 6: Nigeria Social Commerce - Transaction Volume (Million), 2022-2031 Table 7: Nigeria Social Commerce by Cross Border - Gross Merchandise Value (US$ Million), 2022-2031 Table 8: Nigeria Social Commerce by Domestic - Gross Merchandise Value (US$ Million), 2022-2031 Table 9: Nigeria Social Commerce by Clothing & Footwear - Gross Merchandise Value (US$ Million), 2022-2031 Table 10: Nigeria Social Commerce by Beauty and Personal Care - Gross Merchandise Value (US$ Million), 2022-2031 Table 11: Nigeria Social Commerce by Food & Grocery - Gross Merchandise Value (US$ Million), 2022-2031 Table 12: Nigeria Social Commerce by Appliances and Electronics - Gross Merchandise Value (US$ Million), 2022-2031 Table 13: Nigeria Social Commerce by Home Improvement - Gross Merchandise Value Trend Analysis, 2022-2031 Table 14: Nigeria Social Commerce by Travel - Gross Merchandise Value (US$ Million), 2022-2031 Table 15: Nigeria Social Commerce by Accommodation - Gross Merchandise Value Trend Analysis, 2022-2031 Table 16: Nigeria Social Commerce by B2C Segment - Gross Merchandise Value (US$ Million), 2022-2031 Table 17: Nigeria Social Commerce by B2B Segment - Gross Merchandise Value (US$ Million), 2022-2031 Table 18: Nigeria Social Commerce by C2C Segment - Gross Merchandise Value (US$ Million), 2022-2031 Table 19: Nigeria Social Commerce by Mobile - Gross Merchandise Value (US$ Million), 2022-2031 Table 20: Nigeria Social Commerce by Desktop - Gross Merchandise Value (US$ Million), 2022-2031 Table 21: Nigeria Social Commerce by Tier-1 Cities - Gross Merchandise Value (US$ Million), 2022-2031 Table 22: Nigeria Social Commerce by Tier-2 Cities - Gross Merchandise Value (US$ Million), 2022-2031 Table 23: Nigeria Social Commerce by Tier-3 Cities - Gross Merchandise Value (US$ Million), 2022-2031 Table 24: Nigeria Social Commerce Payment by Credit Card - Gross Merchandise Value Trend Analysis, 2022-2031 Table 25: Nigeria Social Commerce Payment by Debit Card - Gross Merchandise Value (US$ Million), 2022-2031 Table 26: Nigeria Social Commerce Payment by Bank Transfer - Gross Merchandise Value (US$ Million), 2022-2031 Table 27: Nigeria Social Commerce Payment by Prepaid Card - Gross Merchandise Value (US$ Million), 2022-2031 Table 28: Nigeria Social Commerce Payment by Digital & Mobile Wallet - Gross Merchandise Value (US$ Million), 2022-2031 Table 29: Nigeria Social Commerce Payment by Other Digital Payment - Gross Merchandise Value (US$ Million), 2022-2031 Table 30: Nigeria Social Commerce Payment by Cash - Gross Merchandise Value Trend Analysis, 2022-2031 Table 31: Nigeria Social Commerce Platforms by Video Commerce (Live Stream + Prerecorded) - Gross Merchandise Value Trend Analysis, 2022-2031 Table 32: Nigeria Social Commerce Platforms by Social Network-Led Commerce - Gross Merchandise Value (US$ Million), 2022-2031 Table 33: Nigeria Social Commerce Platforms by Social Reselling - Gross Merchandise Value (US$ Million), 2022-2031 Table 34: Nigeria Social Commerce Platforms by Group Buying - Gross Merchandise Value (US$ Million), 2022-2031 Table 35: Nigeria Social Commerce Platforms by Product Review Platforms - Gross Merchandise Value (US$ Million), 2022-2031 Table 36: Nigeria Social Commerce Contents by Live Streamers - Gross Merchandise Value (US$ Million), 2022-2031 Table 37: Nigeria Social Commerce Contents by Gaming Streamers - Gross Merchandise Value (US$ Million), 2022-2031 Table 38: Nigeria Social Commerce Contents by Reels - Gross Merchandise Value (US$ Million), 2022-2031 Table 39: Nigeria Social Commerce Contents by Influencers - Gross Merchandise Value Trend Analysis, 2022-2031 Table 40: Nigeria Social Commerce Contents by Stories - Gross Merchandise Value (US$ Million), 2022-2031 Table 41: Nigeria Social Commerce by Age Group - Gen Z (15-27) - Gross Merchandise Value Trend Analysis (US$ Million), 2022-2031 Table 42: Nigeria Social Commerce by Age Group - Millennials (28-44) - Gross Merchandise Value Trend Analysis (US$ Million), 2022-2031 Table 43: Nigeria Social Commerce by Age Group - Gen X (45 - 60) - Gross Merchandise Value Trend Analysis, 2022-2031 Table 44: Nigeria Social Commerce by Age Group - Baby Boomers (60+) - Gross Merchandise Value Trend Analysis (US$ Million), 2022-2031 Companies Featured FacebookInstagramJijiSendboxreselr.com For more information about this report visit https://www.researchandmarkets.com/r/nu1xgj About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Nigerian Social Commerce Market
PU Prime Launches “Dream Fund” to Tackle Global Education Gap, Beginning with Sustained Sponsorship in Nigeria
ABUJA, Nigeria, May 21, 2026 (GLOBE NEWSWIRE) -- PU Prime is proud to announce the official launch of the Dream Fund, a dedicated philanthropic initiative designed to bridge the gap between potential and opportunity for children facing educational barriers. Launched in 2026, the fund begins its mission in Abuja, Nigeria, with a commitment to providing sustained, multi-year support to students who would otherwise be unable to remain in the classroom. The scale of the global education crisis is staggering, with 251 million children currently out of school worldwide. In Nigeria alone, this figure reaches 18 million, representing a significant portion of the population whose ambitions are hindered not by a lack of ability, but by a lack of access. The Dream Fund was created to address this specific hurdle, acting as a bridge to ensure children can stay in school and pursue their long-term goals. Walking Alongside Students: A Sustained Approach Unlike one-time donations, the Dream Fund is structured as a multi-year sponsorship that covers multiple terms across various school grades. The funding is strictly ring-fenced for essential academic needs, including: Academic Fees: Coverage for school fees and examination costs.Essential Supplies: Provision of books and school uniforms.Modern Resources: Access to digital learning tools to ensure students remain competitive in a tech-driven world. Inaugural Partnership: Destine Children’s Orphanage The Dream Fund’s first milestone is a partnership with Destine Children’s Orphanage in Abuja. By working with this launch partner, the fund ensures that aid is distributed through trusted institutional channels, with proper documentation and oversight to maintain full transparency. The official signing ceremony was held on April 17, with representatives from both parties formally signing the agreement. “I see the potential in our children every day. However, that potential is often limited by a lack of access to consistent schooling. For many of our students, the fear of having to leave their studies due to rising costs remains a constant burden,” said Ms. Sarah, Admin Assistant at Destine Children’s Orphanage. Reflecting on the initiative, Mr. Idowu, PU Prime’s Country Manager for Nigeria, shared: “The seeds for the Dream Fund were sown during our visit on October 30, 2025, where we witnessed both the incredible potential of these students and the stark barriers they face. Today, we are proud to turn intention into action by sponsoring 23 children from six different schools, ensuring they receive the consistent support needed to remain in the classroom.” While the initiative begins in Nigeria, PU Prime has a visionary roadmap for the Dream Fund. The long-term goal is to expand the fund beyond a single organization, growing a network of partners across the global regions to create a worldwide coalition for education. In a unique move for the brokerage industry, PU Prime is also inviting its global client base to participate. The Dream Fund represents PU Prime’s evolution from a financial service provider to a socially responsible global citizen, committed to the belief that education is a fundamental right, not a privilege. About PU Prime Founded in 2015, PU Prime is a leading global fintech company and trusted CFD broker. Today, it offers regulated financial products across forex, commodities, indices, shares, and bonds. Operating in over 190 countries with more than 40 million app downloads, PU Prime provides innovative trading platforms and an integrated copy trading feature, empowering traders worldwide to achieve financial success with confidence. For media enquiries, please contact: media@puprime.com Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f507f7b2-2918-4ba0-8796-f28f97d2548d https://www.globenewswire.com/NewsRoom/AttachmentNg/d14940d2-af8f-4989-a2ab-36fda83ae443 A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c87a3735-26c8-4193-9c64-2884883cf385
Kasi Cloud Datacenters Commissions West Africa's First Hyperscale-Ready, AI-Capable Data Centre Campus in Lagos
LAGOS, Nigeria, May 19, 2026 (GLOBE NEWSWIRE) -- Kasi Cloud Datacenters today held the flag-off ceremony for its Lekki campus in Lagos — marking the commissioning of West Africa's first hyperscale-ready, AI-capable, carrier-neutral data centre platform. The event signals the transition of Kasi LOS1 from construction into operational readiness, opening for the first time a world-class, sovereign cloud and AI infrastructure option for Nigerian enterprises, financial institutions, and government agencies. Developed on approximately four hectares in the Maiyegun area of Lekki, Lagos — adjacent to six subsea cable landing stations including Equiano and 2Africa — the Kasi campus is designed to scale to approximately 100MW of critical IT capacity upon full development. The first building, LOS1, has been engineered to support high-density AI and accelerated computing environments alongside enterprise cloud and connectivity platforms, delivering sub-50ms latency for in-country workloads. Nigerian enterprises currently spend an estimated $850 million annually on foreign cloud infrastructure — capital that flows out of the economy and sits under foreign legal jurisdiction. Kasi LOS1 provides the first institutional-grade, AI-ready alternative built on Nigerian soil, aligned with the country's National Cloud Policy 2025 (NCP2025), which mandates in-country hosting for sensitive government and financial data. "Kasi was founded on the belief that Africa deserves world-class sovereign digital infrastructure built for the AI era," said Johnson Agogbua, Founder and CEO of Kasi Cloud Datacenters. "For too long, Africa's data has powered someone else's economy. Today, that changes. This flag-off marks the transition from development into commissioning and operational readiness — as we deliver world-class sovereign cloud and AI infrastructure, built in Lagos, for Africa's digital future." "We are honoured to celebrate this milestone with His Excellency Governor Babajide Sanwo-Olu of Lagos State, the Honourable Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, and Dr. Segun Ogunsanya, Chairman of NSIA — partners and champions whose belief in Nigeria's digital future made this moment possible." Lagos State Affirms Commitment to World-Class Digital Infrastructure Governor Babajide Sanwo-Olu, Executive Governor of Lagos State, returned to the Kasi Lekki Campus as Special Guest of Honour — this time to officiate the flag-off ceremony for West Africa's first hyperscale-ready, AI-capable data centre campus, having presided over its groundbreaking in 2022. His presence at both milestones reflects a sustained partnership between Lagos State and Kasi Cloud — one anchored in a shared conviction that sovereign digital infrastructure is not optional for Africa's most dynamic city. It is essential. A longstanding champion of digital infrastructure as the backbone of Lagos's economic transformation, the Governor has been unequivocal: "If Lagos is to sustain its Centre of Excellence status in Nigeria, vital infrastructural development is critical to achieving human capital development. The economic impact that infrastructure improvement has on nation-building cannot be overemphasized." In December 2024, his administration committed publicly to hosting world-class data centres in Lagos — Kasi LOS1, commissioning today, is the fulfilment of that commitment. Federal Government Recognises Digital Infrastructure as Economic Imperative The Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, also attended the flag-off ceremony, underscoring the Federal Government's recognition of digital infrastructure as a strategic pillar of Nigeria's economic diversification agenda. The commissioning of Kasi LOS1 aligns directly with the government's Renewed Hope Agenda, which identifies technology and digital infrastructure as primary drivers of economic growth and job creation. NSIA: Sovereign Digital Infrastructure as National Economic Strategy Also present at the flag-off was Mr. Aminu Umar-Sadiq, Managing Director and Chief Executive Officer of the Nigerian Sovereign Investment Authority (NSIA) — one of Kasi Cloud's foundational investors and a consistent champion of digital infrastructure as a driver of Nigeria's long-term economic transformation. NSIA has publicly cited Kasi Cloud as a strategic asset, noting in its 2025 Annual Report that the platform is "advancing Nigeria's digital infrastructure" as an indigenous hyperscale data centre. In his own words, NSIA targets "high-impact projects that transform critical sectors of economic growth — including initiatives like Kasi Data Center." "We congratulate Kasi on this momentous milestone. NSIA believes in the potential of digital infrastructure to serve as an enabler and accelerator for innovation," Mr. Umar-Sadiq said. "We expect that the transformative impact of this infrastructure on the domestic tech space will reposition Nigeria. The Board and Management of the Authority is proud to be associated with this development." With Kasi LOS1 now AI-ready and open for business, that repositioning has begun. Africa's Most Compelling Digital Infrastructure Growth Market "Africa represents one of the most compelling long-term digital infrastructure growth markets globally," said Mark Adams, Co-Founder of Kasi Cloud Datacenters. "As global cloud, AI, and content platforms continue expanding into emerging markets, Nigeria — and Lagos specifically — is uniquely positioned to become the strategic digital gateway for the continent. Kasi LOS1 is the infrastructure that makes that possible." About the Kasi Lekki Campus The Kasi Lekki Campus is designed to hyperscale standards comparable to leading global technology campuses. Key specifications include: Location: Maiyegun, Lekki, Lagos — adjacent to Equiano, 2Africa, and four additional subsea cable systemsCapacity: 100MW long-term campus; LOS1 engineered for high-density AI and accelerated computingConnectivity: Carrier-neutral; six subsea cable systems; direct TCN 132kV power connectionPower: Hybrid gas, solar, and battery storage; N+1 redundancy; PUE target ≤1.6Compliance: Aligned with NCP2025, NDPA 2023, and Uptime Institute Tier III standardsLatency: Sub-50ms for all in-country workloads Following the flag-off ceremony, the campus will proceed through phased commissioning, systems integration, and customer readiness activities as Kasi advances toward full commercial operations. About Kasi Cloud Datacenters Kasi Cloud Datacenters is a next-generation carrier-neutral digital infrastructure company developing and operating hyperscale and AI-ready data centre campuses across Africa. Headquartered in Lagos, Nigeria, with offices in Reston, Virginia, Kasi enables cloud growth, AI adoption, enterprise digital transformation, and regional interconnection through world-class sovereign infrastructure platforms. About the Nigerian Sovereign Investment Authority (NSIA) The Nigerian Sovereign Investment Authority (NSIA) is an investment institution of the Federation established to manage funds in excess of budgeted hydrocarbon revenues. NSIA plays a leading role in driving sustainable economic development through strategic investments that enhance infrastructure development, support economic stabilisation, and build long-term national resilience. Total assets reached $3.4 billion in 2025. Media Contact Kasi Cloud Datacenters iMiller Public Relations | New York, NY +1 866 307 2510 kasi@imillerpr.com www.kasicloud.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4224e79-cf58-4afc-a8c3-1d2593d2f507
The Oil Refining Industry in Nigeria 2026 | Insights and Forecasts on Refinery Capacities, Production, and Consumption of Refined Petroleum Products
Dublin, May 19, 2026 (GLOBE NEWSWIRE) -- The "Oil Refining Industry in Nigeria 2026" has been added to ResearchAndMarkets.com's offering. This comprehensive report provides a complete overview of the Nigerian crude oil refining industry. It offers detailed information about both existing and planned refineries, providing valuable insights and forecasts on refinery capacities, production, and consumption of refined petroleum products. The analysis includes a comparison with peer countries in the region, evaluating refinery complexity factors. The report encapsulates detailed profiles of key players in the Nigerian refining sector and delves into the latest industry trends and deals. Report Scope Outlooks for the Nigerian oil refining industry and refined petroleum products beyond 2026.Forecasting of production and consumption of refined products, highlighting major refining companies and operators.Historic and forecasted capacities of refineries and secondary units extending beyond 2026.Identification of key opportunities and constraints in the Nigerian refinery market.Benchmarking against five peer countries on the Nelson Complexity Factor.Analysis of the market structure of the refining industry, detailing companies, capacities, and market share.Information on planned refineries, including projected capacity, equity structures, operator details, commissioning dates, and costs.Insights into refined petroleum product production and demand forecasts beyond 2026.Specific information at the refinery level, like name, commissioning year, installed capacities of primary and secondary units, future capacity expansions, ownership, and operator details.Profiles of major refining companies, including SWOT analyses.Data on mergers, acquisitions, contract announcements, and a comprehensive analysis of industry news and deals. Reasons to Purchase Make informed strategic business decisions utilizing detailed analyses based on historical and forecasted data on refineries, countries, and companies.Identify investment opportunities for capital involvement in new refineries, capacity expansions, and other asset investments.Evaluate the pros and cons of entering a specific country's refinery market compared to its peer nations.Fortify strategy formulation with essential information and data to enhance returns on investments.Spot potential investment opportunities throughout the global refinery value chain.Assess forthcoming refineries with comprehensive asset-level information.Stay competitive by understanding rival companies' strategic activities.Make critical financial decisions informed by the latest news and deal details. For more information about this report visit https://www.researchandmarkets.com/r/7yo9cv About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
After Squandering $25B In Refinery Overhauls, Nigeria Turns To Chinese Firms
After a series of failed and costly attempts to revamp its aging refineries, Nigeria’s national oil company, the Nigerian National Petroleum Company Limited (NNPC), has signed a new agreement with Chinese firms to revive its moribund facilities. The NNPC has signed a Memorandum of Understanding (MoU) with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd for the completion, operation and maintenance of the Port Harcourt (210,000 bpd) and Warri (125,000 bpd) refineries under a Technical Equity Partnership model. According to estimates by The Punch, Nigeria spent more than ?11 trillion (about $25 billion) between 2010 and 2023 on refinery rehabilitation projects, yet the facilities remain largely unreliable. The Port Harcourt refinery briefly restarted in late 2024 but was shut down again by May 2025 due to performance issues. Nigeria has chosen to walk away from purely contractor-led repairs to a Technical Equity Partnership (TEP) model wherein partners share technical expertise and financial risk. TEP is a collaborative business model where a partner provides both specialized technical expertise and equity capital to a project or company, rather than just acting as a contractor or pure financier. This model is frequently used in large-scale industrial projects such as oil refinery rehabilitations or mining operations to ensure the partner has "skin in the game" regarding both the operational success and the financial performance of the venture. Related: Reuters Survey Shows OPEC Oil Output At 26-Year Low Amid Iran War However, industry analysts and energy experts in Nigeria have raised significant concerns regarding the technical expertise of the Chinese firms selected by the NNPC for rehabilitating the Port Harcourt and Warri refineries, pointing out that neither has a known track record in large-scale refinery rehabilitation. To wit, Sanjiang Chemical Company Limited is a petrochemical firm primarily focused on ethylene oxide, ethylene glycol and surfactants rather than crude refining while Xingcheng (Fuzhou) Industrial Park is focused on industrial park management, investment facilitation and infrastructure development. Both firms are private entities rather than major Chinese state-owned engineering firms with specialized refinery rehabilitation experience. Groups like the Nigeria Employers’ Consultative Association (NECA) and PENGASSAN have called for transparency or outright privatisation, arguing that decades of government-led "Turnaround Maintenance" (TAM) have failed to stop fuel scarcity. Story Continues Nevertheless, Nigeria’s energy sector is now being reshaped by new dynamics despite these setbacks. The giant, 650,000-barrel-per-day (bpd) Dangote Refinery has fundamentally transformed Nigeria's energy landscape, shifting the nation from a massive importer of petroleum products to a net exporter. In March 2026, Nigeria officially became a net exporter of petrol, driven by the Dangote refinery's capacity to process roughly 565,000 bpd and generate a consistent surplus. The refinery produces around 57 million litres of petrol daily, exceeding the national consumption of approximately 46 million litres. This has helped the West African country to dramatically cut fuel imports, with daily petroleum imports dropping from over 42 million litres in December 2025 to just 3 million litres by February 2026. The Dangote refinery has started exporting petroleum products, managing to ship over 456,000 tonnes (12 cargoes) by March to various African countries, including Togo, Niger, Angola, Cameroon, Tanzania, Ghana and Ivory Coast. Despite the high production capacity, the Dangote refinery has faced challenges in sourcing sufficient local crude, necessitating the import of international oil, including from the US and Brazil with local producers only supplying ~30% of its needs. International oil companies (IOCs) like NNPC often prefer exporting crude due to higher profits, passing on excessive costs to the refinery through traders. Despite the Petroleum Industry Act aimed at ensuring local supply, legal, regulatory, and production issues in the Niger Delta have hindered the mandated supply to the refinery. Meanwhile, whereas the refinery has been able to reduce foreign exchange expenditure on fuel imports, it has yet to fully insulate the country from global oil price volatility, with domestic fuel prices still seeing increases as global oil prices surge. Indeed, Nigeria’s reliance on deregulated, imported fuel has led to domestic retail prices for gasoline surging by nearly 50%. On the other hand, Nigeria’s economy is experiencing an "oil paradox" due to high global prices triggered by the U.S.-Israel-Iran conflict, generating significant government revenue windfalls while simultaneously driving up domestic fuel costs and inflation. Indeed, the war in Iran has acted as a catalyst for Nigeria’s oil sector, creating a significant revenue windfall of an estimated N5.13 trillion, or nearly $4 billion, in March and April due to surging crude prices, significantly increasing Nigeria's foreign exchange earnings. Nigeria’s signature Bonny Light crude was trading at ~$110/barrel on Monday, more than 50% above the 2025 average price. Produced in the Niger Delta basin, Bonny Light crude is a high-grade, premium Nigerian crude oil, prized for being light and sweet, with low API gravity and very low sulfur content. The crude grade is used to produce high yields of gasoline, diesel and jet fuel. By Alex Kimani for Oilprice.com More Top Reads From Oilprice.com Morgan Stanley: Oil Buffers Could Run Out Before Hormuz Reopens Japan Receives First Central Asian Crude Since Iran War Began Australia's Biggest Untapped Gas Field Just Got a Lot More Expensive Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
Nigeria Colocation Existing & Upcoming Data Center Portfolio Report 2026: Global Infrastructure Leaders Equinix, Digital Realty, and OADC Actively Expanding Their Data Center Footprint
Company Logo Explore the thriving Nigeria data center market with our comprehensive Excel database. Offering in-depth analysis of 20 existing and 14 upcoming colocation data centers, the database spans key locations: Abuja, Ikeja, Lagos. Gain insights on existing and future white-floor space, IT load capacities through 2029, and retail colocation pricing. Highlights include Lagos as a central digital hub and major players like Rack Centre and MTN, controlling over 70% of the market. Notable growth is expected from 21st Century Technologies and Digital Realty. Ideal for REITs, construction contractors, and infrastructure providers seeking to capitalize on Nigeria's burgeoning digital economy. Dublin, April 27, 2026 (GLOBE NEWSWIRE) -- The "Nigeria Existing & Upcoming Data Center Portfolio" database has been added to ResearchAndMarkets.com's offering. Nigeria's data center sector is anchored by Lagos, the nation's leading digital infrastructure hub among 20 operational facilities. Nigeria's growing digital economy continues to attract global infrastructure leaders, with Equinix, Digital Realty, and OADC actively expanding their data center footprint. Nigeria's data center market is strongly led by Rack Centre, Africa Data Centres, MDX-I (Equinix), and MTN, which together account for more than 70% of the country's active IT power capacity. Two major players are driving Nigeria's next wave of data center growth - 21st Century Technologies and Digital Realty & Pembani Remgro's (Medallion) Data Centres - together controlling over 60% of the upcoming capacity pipeline. This database (Excel) product covers the Nigeria data center market, which provides the following information on colocation data centers: Detailed Analysis of 20 existing data centers Detailed Analysis of 14 upcoming data centers Locations covered: Abuja, Ikeja, Lagos. Existing white-floor space (square feet) Upcoming white-floor space (square feet) Current IT load capacity (2025) Future capacity additions (2025-2029) Retail Colocation Pricing KEY MARKET HIGHLIGHTS: EXISTING DATA CENTERS (20 FACILITIES) Market Snapshot Location (Region/Country/City) Facility Address Operator/Owner Name Data Center Name i.e., (Lekki II or LGS1.) Core & Shell Area (White-Floor Area) Core & Shell Power Capacity (IT Load Capacity) Rack Capacity Year of Operations Design Standards (Tier I - IV) Power/Cooling Redundancy UPCOMING DATA CENTERS (14 FACILITIES) Investment Snapshot Location (Region/Country/City) Investor Name Area (White-Floor Area) Power Capacity (IT Load Capacity) Investment ($ Million) Electrical Infrastructure Investment ($ Million) Mechanical Infrastructure Investment ($ Million) General Construction Services Investment ($ Million) Announcement Year Project Status (Opened/Under Construction/Announced & Planned) Active or Expected Year of Opening Story Continues TARGET AUDIENCE Data center Real Estate Investment Trusts (REIT) Data center Construction Contractors Data center Infrastructure Providers New Entrants Consultants/Consultancies/Advisory Firms Corporate and Governments Agencies Key Topics Covered: 1. About the Database 2. Scope & Assumptions 3. Definitions 4. Snapshot: Existing & Upcoming Data Center Facility 5. Existing Data Center Database 6. Upcoming Data Center Facility 7. Existing vs. Upcoming Capacity (Infographics) 8. Colocation Pricing For more information about this database visit https://www.researchandmarkets.com/r/wcr2sd About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 View Comments
Nigeria B2B Buy Now Pay Later Business Report 2026: $1.75+ Billion Market Expands as TradeDepot, Sabi and Moniepoint Scale Embedded SME Credit While Major Banks Leverage Data and Funding Advantages
Dublin, April 22, 2026 (GLOBE NEWSWIRE) -- The "Nigeria B2B Buy Now Pay Later Business and Investment Opportunities Databook - 45+ KPIs on B2B BNPL Market Size, End-Use Sectors, Retail Product Categories, Sales Channels, Company Size - Q2 2026 Update" report has been added to ResearchAndMarkets.com's offering. B2B BNPL payments in the country are expected to grow by 32.7% on an annual basis to reach US$1.40 billion in 2025. The gross merchandise value is projected to reach US$3.71 billion by 2030. Nigeria B2B BNPL adoption continues to accelerate as businesses increasingly seek flexible payment solutions for procurement and trade transactions. The medium to long-term growth story of the B2B BNPL industry in the country remains strong. B2B BNPL payment adoption is expected to grow steadily, recording a CAGR of 20.4% during 2026-2030. Nigeria is the largest B2B BNPL market in West Africa, driven by the scale of its informal trade sector, the rapid growth of digital FMCG distribution platforms, and a fintech ecosystem that has attracted substantial international venture capital. Providers including TradeDepot, Sabi, and Moniepoint are building B2B payment term products embedded in digital distribution platforms that serve millions of small retailers in Nigeria's major urban centres, using mobile transaction data and purchase history as primary underwriting inputs. Nigeria's B2B BNPL market is shaped by the structural challenges of currency volatility the naira lost over 50% of its value in 2023 which simultaneously increases demand for payment term products among import-dependent businesses while complicating the economics of naira-denominated credit. The Central Bank of Nigeria's digital lending guidelines have formalised the sector by requiring licensing and credit bureau reporting. Over the next 2-4 years, FMCG distribution deepening and agri-input financing will drive the most sustained growth. Competitive Landscape Outlook for the Next 2-4 Years Nigeria's B2B BNPL market will grow despite macroeconomic headwinds, driven by FMCG distribution digitisation and agri-input financing demand. Moniepoint's entry as a licensed bank-grade competitor is the development most likely to reshape competitive dynamics in the near term.Currency stabilisation dependent on CBN monetary policy and Nigeria's oil revenue outlook is the single variable with the greatest potential to accelerate B2B BNPL growth. Sustained naira stability would enable longer credit terms, lower effective interest rates, and expansion into import-dependent sectors.Regional expansion from Nigeria into Ghana, Cote d'Ivoire, and East Africa is a medium-term opportunity for established Nigerian B2B BNPL providers with scalable technology platforms.Agricultural B2B BNPL will grow as the government's food security agenda drives policy and funding support. Providers that achieve CBN anchor borrower scheme participation will access subsidised funding costs. Key Players and New Entrants TradeDepot: Nigeria's most prominent B2B BNPL provider, TradeDepot serves over 100,000 retailers across Nigeria, with transaction data from its distribution operations providing underwriting depth unavailable to standalone lenders.Sabi: A B2B commerce platform offering embedded BNPL credit for retailers and distributors across Nigeria, competing with TradeDepot for market share in Lagos and other major commercial centres. Sabi's multi-product approach combining marketplace, logistics, and financing creates a deeper retailer relationship than credit-only providers.Moniepoint: Nigeria's largest fintech by merchant terminal coverage, which received a digital banking licence from the CBN in 2024 and launched SME credit products leveraging its payment transaction data from millions of daily merchant transactions.FairMoney Business: The B2B extension of FairMoney, one of Nigeria's largest consumer digital lenders, which has developed SME lending products for retail and agricultural borrowers.Access Bank and GTBank have both developed digital SME lending products with B2B BNPL components, representing the major bank presence in Nigeria's B2B BNPL space with funding cost advantages that fintech competitors cannot match. Reasons to Buy Comprehensive Market Intelligence: Gain a complete understanding of Nigeria's B2B Buy Now Pay Later market through core metrics including gross merchandise value, transaction volume, and average value per transaction with trend analysis covering 2021-2030.End-Use Sector Analysis: Analyze B2B BNPL adoption and spend dynamics across seven key sectors including Retail, Manufacturing, Transport and Logistics, Professional Services, Industrial Applications, Healthcare, and Other sectors with GMV, transaction volume, and average transaction value for each.Retail Product Category Deep-Dive: Access granular breakdown of B2B BNPL spend within the retail sector across seven product categories including Electronics & Accessories, Office Supplies, Cleaning Products, Fashion & Apparel, Beauty & Personal Care, Pantry & Food Products, and Other categories.Sales Channel Segmentation: Understand B2B BNPL market distribution by sales channel with dedicated analysis of Online Channel and POS Channel including market share trends and gross merchandise value forecasts for 2021-2030.Company Size Segmentation: Evaluate B2B BNPL adoption patterns by company size with market share analysis and GMV trend data segmented by Small, Medium, and Large enterprises.Data-Driven Forecasts: Access structured dataset with historical data (2021-2024) and forecast values (2025-2030) across all segments, delivered in an analytics-ready databook. Report Scope Nigeria B2B BNPL Market Size and Growth Dynamics, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL in Retail: Market Size and Forecast, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL Market Segmentation by Key Retail Product Categories, 2021-2030 Gross Merchandise Value Trend AnalysisElectronics & AccessoriesOffice SuppliesCleaning ProductsFashion & ApparelBeauty & Personal CarePantry & Food ProductsOther Nigeria B2B BNPL in Manufacturing: Market Size and Forecast, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL in Transport and Logistics: Market Size and Forecast, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL in Professional Services: Market Size and Forecast, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL in Industrial Applications: Market Size and Forecast, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL in Healthcare: Market Size and Forecast, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL in Other Sectors: Market Size and Forecast, 2021-2030 Gross Merchandise Value Trend AnalysisTransaction Volume Trend AnalysisAverage Value Per Transaction Trend Analysis Nigeria B2B BNPL Market Segmentation by Sales Channel, 2021-2030 Online ChannelPOS Channel Nigeria B2B BNPL Market Segmentation by Company Size, 2021-2030 Small EnterprisesMedium EnterprisesLarge Enterprises Key Attributes: Report AttributeDetailsNo. of Pages57Forecast Period2026 - 2030Estimated Market Value (USD) in 2026$1.76 BillionForecasted Market Value (USD) by 2030$3.71 BillionCompound Annual Growth Rate20.4%Regions CoveredNigeria For more information about this report visit https://www.researchandmarkets.com/r/ivfsdw About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Nigerian B2B Buy Now Pay Later Market
Nigeria Construction Industry Report 2025: Output to Grow by 3.1% in 2026 After 5.3% in 2025, Driven by Government Investments in Housing and Transport, Coupled Construction Loans - Forecast to 2029
Dublin, Feb. 23, 2026 (GLOBE NEWSWIRE) -- The "Nigeria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2029 (Q4 2025)" report has been added to ResearchAndMarkets.com's offering. The analyst expects construction industry in Nigeria to grow by 5.3% in real terms in 2025 and 3.1% in 2026, supported by government investments in housing and transport infrastructure projects, coupled with increase in construction loans. According to the National Bureau of Statistics (NBS), the total credit to the transport and storage sector grew by 16.5% year-on-year (YoY) at the end of October 2025, growth of 31.8% at the end of 2024. Moreover, the construction industry's value-add grew by 5.6% YoY in Q3 2025, preceded by YoY growths of 5.3% in Q2 and 6.2% in Q1 2025, according to NBS. The Nigerian construction industry is expected to register an average annual growth of 3.1% from 2027 to 2029, supported by investments in the transport infrastructure, and housing projects, coupled with the government target of increasing the share of renewable energy in the total electricity mix from 13.5GW in 2021 to 30GW by 2030. In early December 2025, Benue State Governor, Hyacinth Iormem Alia announced a major rural infrastructure and development initiative under the Benue Rural Access and Agricultural Marketing Project (RAAMP). The state plans to construct 500km of rural roads, 78 culverts and bridges, warehouses, Information and Communications Technology (ICT) centers, and solar-powered water facilities, with NGN15.1 billion ($27.2 million) allocated from EIB during early December 2025 for Benue as part of a NGN90.6 billion ($163.4 million) fund shared among six states. In October 2025, the government announced its plan to attract over NGN739.3 trillion ($410 billion) in renewable energy investments by 2060, aiming to establish itself as Africa's leader in clean energy. The initiative targets 277GW of installed renewable capacity and seeks to address energy poverty affecting over 100 million Nigerians. Report Scope Historical (2020-2024) and forecast (2025-2029) valuations of the construction industry in Nigeria, featuring details of key growth drivers.Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sectorAnalysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.Listings of major projects, in addition to details of leading contractors and consultants Reasons to Buy Identify and evaluate market opportunities using our standardized valuation and forecasting methodologiesAssess market growth potential at a micro-level with over 600 time-series data forecastsUnderstand the latest industry and market trendsFormulate and validate business strategies using the analyst's critical and actionable insightAssess business risks, including cost, regulatory and competitive pressuresEvaluate competitive risk and success factors Key Topics Covered: 1 Executive Summary 2 Construction Industry: At-a-Glance 3 Context 3.1 Economic Performance 3.2 Political Environment and Policy 3.3 Demographics 3.4 Risk Profile 4 Construction Outlook 4.1 All Construction OutlookLatest news and developmentsConstruction Projects Momentum Index 4.2 Commercial Construction OutlookProject analyticsLatest news and developments 4.3 Industrial Construction OutlookProject analyticsLatest news and developments 4.4 Infrastructure Construction OutlookProject analyticsLatest news and developments 4.5 Energy and Utilities Construction OutlookProject analyticsLatest news and developments 4.6 Institutional Construction OutlookProject analyticsLatest news and developments 4.7 Residential Construction OutlookProject analyticsLatest news and developments 5 Key Industry Participants 5.1 Contractors 5.2 Consultants 6 Construction Market Data 7 Appendix For more information about this report visit https://www.researchandmarkets.com/r/pbpesh About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Nigeria Data Center Market Investment & Growth Report 2026-2031 Featuring Key Investors - 21st Century Technologies, Africa Data Centres, Digital Realty, Equinix, MTN, Nxtra, Open Access, Rack Centre
Company Logo The Nigeria Data Center Market is set to surge from USD 288 Million in 2025 to USD 1.09 Billion by 2031, boasting a CAGR of 24.99%. Key players like Africa Data Centres and Equinix are bolstering the market, which is dominated by retail colocation due to demand from industries like media and healthcare. Lagos emerges as the central hub, supported by operational submarine cables enhancing connectivity. The sector's growth aligns with Nigeria's AI and digitization uptake, with investments in IT and support infrastructure driving expansion. This dynamic market represents a crucial component of West Africa's digital economy. Nigerian Data Center MarketNigerian Data Center Market·GlobeNewswire Inc. Dublin, Feb. 17, 2026 (GLOBE NEWSWIRE) -- The "Nigeria Data Center Market - Investment Analysis & Growth Opportunities 2026-2031" report has been added to ResearchAndMarkets.com's offering. The Nigeria Data Center Market was valued at USD 288 Million in 2025, and is projected to reach USD 1.09 Billion by 2031, rising at a CAGR of 24.99%. The number of third-party data center facilities in Nigeria is steadily growing. As an established market within West Africa, Nigeria currently hosts around 20 colocation data centers, with the majority concentrated in Lagos, the country's primary digital hub. Major colocation operators active in the Nigerian market include Africa Data Centres, Open Access Data Centres, 21st Century Technologies, Equinix, Digital Realty, and Rack Centre. In addition, new players such as Airtel Africa, Kasi Cloud, UniCloud Africa, and BDIC have recently entered the market, and their growing presence is expected to intensify competition over the next few years. Currently, retail colocation dominates the market, holding a larger share and greater installed capacity than wholesale offerings. Industries such as media & entertainment, tourism, education, healthcare, oil & gas, and retail are significant contributors to the rising demand for retail colocation services. Nonetheless, the wholesale colocation demand is expected to accelerate, driven by increasing adoption of cloud services, with cloud providers anticipated to host part of their workloads through wholesale colocation facilities. Nigeria currently hosts eight operational submarine cables, which collectively enable high-speed connectivity, reduce latency, and meet the rising demand for broadband and cloud services as critical components of Nigeria's fast-growing digital economy. In March 2025, Globacom, in partnership with the Ministry of Communications, Innovation, and Digital Economy, hosted the International Submarine Cable Resilience Summit in Abuja. This event highlighted the need for enhanced resilience following the March-April 2024 West Africa submarine cable disruptions, when multiple systems, including WACS, ACE, SAT-3, and MainOne, were damaged. During these outages, the Glo-1 cable, operational since 2010, demonstrated remarkable reliability. Story Continues Nigeria is accelerating its shift toward AI and digitization, supported by advances in cloud computing, data centers, and supercomputing capabilities for climate research. The country is leveraging AI to enhance productivity across sectors, while prioritizing renewable energy and sustainable digital solutions. For instance, in February 2025, Microsoft announced an initiative to train one million Nigerians in AI skills, aligning with forecasts that AI could add $15 billion to Nigeria's GDP by 2030. NIGERIA DATA CENTER MARKET VENDOR LANDSCAPE IT infrastructure providers play a critical role in supporting Nigeria's high-density and cloud-driven data center ecosystem, supplying servers, storage, networking, and AI-optimized hardware. Engineering firms focus on modular construction, prefabrication, and accelerated build timelines to meet tight capacity rollout schedules. Collaboration between contractors, consultants, and government authorities ensures compliance with planning, environmental, and power allocation regulations. Leading Support infrastructure providers such as ABB, Caterpillar, Cummins, Eaton, Legrand, Schneider Electric, Vertiv and others maintain a strong presence through local service teams, long-term maintenance contracts, and regional manufacturing hubs. Nigeria's data center market features major global and regional operators, including 21st Century Technologies, Digital Realty, Equinix, Open Access Data Centres, Rack Centre; in addition, it includes newer players such as Kasi Cloud. Equinix (MainOne) remains a key investor, expanding its portfolio through several ongoing projects. For instance, in November 2025, Equinix announced a $22 million investment to develop its LG3 data center in Lagos, scheduled to open in early 2026 with 610 sq. mtrs. of colocation space. The project marks the first phase of Equinix's wider $100 million Africa expansion plan, strengthening Nigeria's role in the region's digital transformation. WHY SHOULD YOU BUY THIS RESEARCH? Market size available in the investment, area, power capacity, and Nigeria colocation market revenue. An assessment of the data center investment in Nigeria by colocation, hyperscale, and enterprise operators. Data center investments in the area (square feet) and power capacity (MW) across cities in the country. A detailed study of the existing Nigeria data center market landscape, an in-depth industry analysis, and insightful predictions about the Nigerian data center market size during the forecast period. Snapshot of existing and upcoming third-party data center facilities in Nigeria Facilities Covered (Existing): 20 Facilities Identified (Upcoming): 14 Coverage: 2+ Cities Existing vs. Upcoming (Data Center Area) Existing vs. Upcoming (IT Load Capacity) Data center colocation market in Nigeria Colocation Market Revenue & Forecast (2022-2031) Retail & Wholesale Colocation Revenue (2022-2031) Retail & Wholesale Colocation Pricing Nigeria data center landscape market investments are classified into IT, power, cooling, and general construction services, with sizing and forecast. A comprehensive analysis of the latest trends, growth rate, potential opportunities, growth restraints, and prospects for the industry. Business overview and product offerings of prominent IT infrastructure providers, construction contractors, support infrastructure providers, and investors operating in the industry. A transparent research methodology and analysis of the demand and supply aspect of the market. KEY QUESTIONS ANSWERED Which all geographies are included in Nigeria center market report? What factors are driving the Nigeria data center market? How big is the Nigeria data center market? How much MW of power capacity will be added across Nigeria during 2026-2031? Key Attributes: Report Attribute Details No. of Pages 98 Forecast Period 2025 - 2031 Estimated Market Value (USD) in 2025 $288 Million Forecasted Market Value (USD) by 2031 $1090 Million Compound Annual Growth Rate 24.9% Regions Covered Nigeria VENDOR LANDSCAPE IT Infrastructure Providers Arista Networks Broadcom Cisco Dell Technologies Hewlett Packard Enterprise Huawei Technologies IBM Lenovo NetApp Data Center Construction Contractors & Sub-Contractors Arup BlueSun DC Edarat Group Interkel Group GREA Future-tech SUPPORT INFRASTRUCTURE PROVIDERS ABB Caterpillar Cummins Eaton Envicool KSTAR Rehlko Legrand Rittal Schneider Electric STULZ Vertiv Data Center Investors 21st Century Technologies Africa Data Centres Digital Realty Equinix MTN Nxtra by Airtel Open Access Data Centres Rack Centre New Entrants Kasi Cloud EXISTING VS. UPCOMING DATA CENTERS Existing Facilities in the region (Area and Power Capacity) Lagos Other Cities List of Upcoming Facilities in the region (Area and Power Capacity) Lagos Other Cities SEGMENTATION IT Infrastructure Servers Storage Systems Network Infrastructure Electrical Infrastructure UPS Systems Generators Transfer Switches & Switchgears PDUs Other Electrical Infrastructure Mechanical Infrastructure Cooling Systems Rack Cabinets Other Mechanical Infrastructure Cooling Systems CRAC & CRAH Units Chiller Units Cooling Towers, Condensers & Dry Coolers Other Cooling Units General Construction Core & Shell Development Installation & Commissioning Services Engineering & Building Design Fire Detection & Suppression Systems Physical Security Data Center Infrastructure Management (DCIM) Tier Standard Tier I & Tier II Tier III Tier IV For more information about this report visit https://www.researchandmarkets.com/r/liof5j About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Nigerian Data Center Market CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 View Comments
Nigeria Buy Now Pay Later Business and Investment Report 2026: A $3.96 Billion Market by 2031 from $1.55 Billion in 2025 Featuring CredPal, EasyBuy, and Carbon Zero
Dublin, Feb. 04, 2026 (GLOBE NEWSWIRE) -- The "Nigeria Buy Now Pay Later Business and Investment Opportunities Databook - 90+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2026 Update" report has been added to ResearchAndMarkets.com's offering. The BNPL payment market in Nigeria is expected to grow by 20.6% on annual basis to reach US$1.88 billion in 2026. The buy now pay later market in the country has experienced robust growth during 2022-2025, achieving a CAGR of 25.9%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 16.1% from 2026-2031. By the end of 2031, the BNPL sector is projected to expand from its 2025 value of USD 1.55 billion to approximately USD 3.96 billion. This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry in Nigeria, covering market opportunities and risks across a range of retail categories. With over 90+ KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics. It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities. Reasons to Buy Strategic and Innovation Insights: Gain clarity on the future direction of Nigeria's Buy Now Pay Later market by analysing strategic initiatives, business model evolution, and innovation-led approaches adopted by key BNPL providers to strengthen market positioning.Comprehensive Understanding of BNPL Market Dynamics in Nigeria: Assess market size, growth outlook, and structural shifts across retail and e-commerce, supported by detailed segmentation by channel, business model, distribution model, merchant ecosystem, end-use sector, and consumer demographics, underpinned by 90+ KPIs.Value and Volume-Based KPIs for Market Accuracy: Leverage a robust set of value and volume KPIs, including GMV, average transaction value, transaction volume, active users, revenue, and bad debt, to develop a precise understanding of BNPL adoption, usage intensity, and market maturity.Competitive Landscape Assessment: Obtain a clear snapshot of the BNPL competitive landscape in Nigeria, including market share analysis of leading providers, enabling informed benchmarking and evaluation of market concentration and competitive intensity.Actionable Inputs for Market Entry and Expansion Strategies: Identify high-growth categories, priority end-use sectors, and distribution channels to fine-tune go-to-market and partnership strategies, while assessing key trends, regulatory considerations, and risk factors shaping the BNPL ecosystem.In-Depth Consumer Behaviour Analysis: Enhance ROI by understanding evolving consumer attitudes and spending behaviour, with insights into BNPL adoption drivers, usage frequency, income and age-based usage patterns, gender splits, and monthly expense segmentation. Key Attributes: Report AttributeDetailsNo. of Pages101Forecast Period2026 - 2031Estimated Market Value (USD) in 2026$1.88 BillionForecasted Market Value (USD) by 2031$3.96 BillionCompound Annual Growth Rate16.1%Regions CoveredNigeria Report Scope: In-depth, data-centric analysis of Buy Now Pay Later industry in Nigeria through 58 tables and 82 charts Nigeria Retail Industry & Ecommerce Market Size and Forecast Retail Industry - Spend Value Trend AnalysisBuy Now Pay Later Share of Retail IndustryEcommerce - Spend Value Trend AnalysisBuy Now Pay Later Share of Ecommerce Nigeria Buy Now Pay Later Market Size and Industry Attractiveness Gross Merchandise Value Trend AnalysisAverage Value Per Transaction Trend AnalysisTransaction Volume Trend Analysis Nigeria Buy Now Pay Later Market Share Analysis by Key Players CredPalEasyBuyCarbon Zero Nigeria Buy Now Pay Later Revenue Analysis Buy Now Pay Later RevenuesBuy Now Pay Later Share by Revenue SegmentsBuy Now Pay Later Revenue by Merchant CommissionBuy Now Pay Later Revenue by Missed Payment Fee RevenueBuy Now Pay Later Revenue by Pay Now & Other Income Nigeria Buy Now Pay Later Operational KPIs Buy Now Pay Later Active Consumer BaseBuy Now Pay Later Bad Debt Nigeria Buy Now Pay Later Spend Analysis by Business Model Two-Party Business ModelThird-Party Business Model Nigeria Buy Now Pay Later Spend Analysis by Purpose ConvenienceCredit Nigeria Buy Now Pay Later Spend Analysis by Merchant Ecosystem Open Loop SystemClosed Loop System Nigeria Buy Now Pay Later Spend Analysis by Distribution Model StandaloneBanks & Payment Service ProvidersMarketplaces Nigeria Buy Now Pay Later Spend Analysis by Channel Online ChannelPOS Channel Nigeria Buy Now Pay Later By End-Use Sector: Market Size and Forecast Retail ShoppingHome ImprovementTravelMedia and EntertainmentServicesAutomotiveHealth Care and WellnessOthers Nigeria Buy Now Pay Later By Retail Product Category: Market Size and Forecast Apparel, Footwear & AccessoriesConsumer ElectronicsToys, Kids, and BabiesJewelrySporting GoodsEntertainment & GamingOther Nigeria Buy Now Pay Later Analysis by Consumer Attitude and Behaviour Spend Share by Age GroupSpend Share by Default Rate by Age GroupSpend Share by IncomeGross Merchandise Value Share by GenderAdoption RationaleSpend by Monthly Expense SegmentsAverage Number of Transactions per User AnnuallyBNPL Users as a Percentage of Total Adult Population For more information about this report visit https://www.researchandmarkets.com/r/6l9tod About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Nigerian Buy Now Pay Later Market
After Two Decades, PayPal Returns to Nigeria
PayPal is returning to Nigeria for the first time in more than 20 years. Through its PayPal World Initiative, the company has allocated $100 million to work with Nigerian fintech companies, enabling users to conduct local and international transactions. The Nigerian launch, done in partnership with fintech firm Paga, enables users to link their PayPal accounts to Paga wallets, giving Paga users access to PayPal’s network. The partnership supports PayPal’s strategy to acquire or collaborate with Nigerian fintech startups and gradually gain market dominance over the next three to five years, Business Insider Africa reports. Paga CEO Tayo Oviosu announced the partnership in a LinkedIn post, revealing that he first approached the financial giant about a collaboration in 2013. Oviosu noted that PayPal initially declined his proposal, suggesting that Nigerian fintech companies were still relatively new at that time. But he kept communication open with PayPal. “Partnerships like this don’t happen overnight. They are the result of years of conversations, trust-building, regulatory work, and showing up consistently. I’m proud of the Paga team for staying the course. I’m grateful to the PayPal team for believing in the long-term vision. And I’m excited about what this unlocks for Nigerians participating in the global digital economy,” Oviosu wrote. PayPal suspended its services in Nigeria in 2004, blocking users from receiving funds due to a high fraud risk. The company reported a surge in stolen credit cards from North America and Europe, allegedly used from Nigerian IP addresses. PayPal also cited issues with the country’s identity verification process. Although the partnership with Paga will provide wider access to digital money transfers in Nigeria, some remain wary. The move could threaten competitors and smaller fintech companies in the country. Consumers took to social media to express their concerns. “PayPal locked Nigerians out of the global digital economy for 21 years. No receiving payments. No withdrawals. Just ‘send-only’ status while our freelancers and businesses struggled. Now that we’ve built a billion-dollar fintech ecosystem without them, they want back in. The audacity, X user, Mrbanks wrote. Story Continues PayPal’s share price has declined, including a 37.7% drop over the past year and a 75.6% decline over five years. The decline is primarily driven by intensifying competition in the Western market, particularly in the U.S., Canada, and Europe. RELATED CONTENT: ‘Minding Our Own Business—’ A Spotlight On Diaspora Enterprise and Culture: Lu Smith View Comments
Shell in Talks With Nigeria for a Potential $20B Offshore Investment
Shell plc SHEL, the British oil and gas major, has shown interest in developing the Bonga South West deepwater oilfield located in the Niger Delta. SHEL and its joint venture partners are currently evaluating ways to develop the oilfield, offshore Nigeria. The company’s CEO, Wael Sawan, has stated that he intends to reach a final investment decision (FID) on Bonga South West in 2027, a move that would involve an investment of up to $20 billion. Offshore Project Cost Estimated at $20 Billion If the Bonga South West deepwater oilfield reaches the FID stage, Shell and its joint venture partners would need to spend approximately $20 billion on the project, with 50% allocated to capital expenditures and the remaining to operating costs and other expenses. The company has shown keen interest in participating in Nigeria's exploration license round. It has also invested significantly in other energy projects across the country, including $5 billion in Bonga North and $2 billion in the HI gas project, which provides feedstock to Nigeria LNG, thereby contributing to energy security in the region. These developments highlight Shell’s continued interest in Nigeria’s offshore reserves despite withdrawing from its onshore operations in the Niger Delta. In the previous year, Shell purchased an additional stake in the Bonga oilfield from TotalEnergies, raising its stake in the field to 65%. The other partners in the Bonga oilfield include subsidiaries of Exxon Mobil and Eni, along with the state-owned Nigerian National Petroleum. Nigerian Government Offers Incentives to Attract Investments After meeting with Shell’s CEO, Nigerian president Bola Tinubu mentioned that he has agreed to provide "investment-linked" incentives to the company for the development of the deepwater oilfield. He has also stated that he expects the company to target an FID on the Bonga South West oilfield development within the first term of his administration. This indicates that government support for this capital-heavy project will depend on the timely progress of the development. Per Reuters, the incentives offered by the Nigerian government are part of a broader push to attract new investments and boost oil production in the country. Bonga South West’s Production Potential The Bonga South West deepwater oilfield is estimated to hold nearly 820 million barrels of oil resources. At peak levels, the field could produce up to 220,000 barrels of oil per day. The Bonga South West oilfield is a significant offshore resource for the country that could boost production and support economic growth. Shell has mentioned that it will continue to take a disciplined approach toward upstream investments. The current oil and gas price environment is not favorable for new exploration activities. However, Shell highlighted that it will invest in the right opportunities, implying that it will continue to develop projects that are economically viable and capable of delivering high returns. Story Continues SHEL’s Zacks Rank and Key Picks SHEL currently carries a Zacks Rank #3 (Hold). Some top-ranked stocks from the energysector are Oceaneering International OII, Subsea7 S.A. SUBCY and W&T Offshore WTI. While Oceaneering and Subsea7 currently sport a Zacks Rank #1 (Strong Buy), W&T Offshore carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth. Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business. W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its production prospects in the future, which is expected to enhance its revenues. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report W&T Offshore, Inc. (WTI) : Free Stock Analysis Report Oceaneering International, Inc. (OII) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research View Comments
Chevron-led JV makes 'significant' oil discovery offshore Nigeria
[Chevron Reports $8.3 Billion Loss For Second Quarter] Justin Sullivan/Getty Images News A joint venture operated by Chevron (CVX [https://seekingalpha.com/symbol/CVX]) has made a "significant [https://www.bloomberg.com/news/articles/2026-01-26/nnpc-chevron-venture-makes-discovery-in-shallow-nigerian-waters]" oil and gas discovery offshore Nigeria, after completing a successful appraisal and exploration well in a shallow offshore area, the Nigeria National Petroleum Co. said Monday. The JV finished the Awodi-07 well in the western Niger Delta region in December, and "results from the well are highly encouraging, confirming a significant presence of hydrocarbons across multiple reservoir zones," NNPC said. The discovery, along with two others in Nigeria since late 2024, "complement Chevron’s global exploration strategy to balance infrastructure-enabled and frontier activity," the company's VP of exploration said; Chevron (CVX [https://seekingalpha.com/symbol/CVX]) owns 40% of the project and is the operator, while NNPC holds the remaining 60%. Nigeria's attempts to revamp its oil industry with reforms and boost production may be starting to pay off; Shell said last week [https://seekingalpha.com/news/4542109-shell-partners-eye-potential-20b-to-develop-nigeria-oil-project] it plans to spend $20B on the Bonga South West deepwater project, as Nigeria's president approved the adoption of targeted, investment-linked incentives to support the project. MORE ON CHEVRON * Chevron: Appealing, But Upside May Be Limited Near Term [https://seekingalpha.com/article/4862666-chevron-appealing-but-upside-may-be-limited-near-term] * Exxon Mobil vs. Chevron: One Oil Giant Stands Above The Other [https://seekingalpha.com/article/4860540-exxon-mobil-vs-chevron-one-oil-giant-stands-above-other] * Chevron: Provides Appealing Growth Outlook, Entrance Into Electricity Business [https://seekingalpha.com/article/4860625-chevron-provides-appealing-growth-outlook-entrance-into-electricity-business]
Seplat Starts Up ANOH Gas Project in Nigeria
This article was first published on Rigzone here Seplat Energy PLC and Nigerian Gas Infrastructure Co's (NGIC) ANOH Gas Project, designed to produce up to 300 million standard cubic feet a day (MMscfd), has begun supplying the Indorama Petrochemical Plant. The Niger Delta project's four wells had been on standby since November. Flows to Indorama have now begun following the completion of an 11-kilometer (6.84 miles) pipeline and clearance by the Nigerian Upstream Petroleum Regulatory Commission, the Lagos-based company said in a statement on its website. "Since first gas, wet gas production has been stabilizing, delivering 40-52 MMscfd of processed gas directly from the ANOH gas plant to the Indorama Petrochemical Plant", Seplat said. "Condensate production has reached 2.0-2.5 kboepd and is expected to increase with gas production as the plant ramps up to design capacity. "In addition, preparations are underway to initiate sales of processed gas to the Nigeria LNG with an offtake agreement structured on an interruptible basis and will support the gas plant to further scale production towards full design capacity of 300 MMscfd. "Meanwhile, the construction of the OB3 pipeline export route by NGIC, originally designated as the primary channel for ANOH gas supply to the domestic market, has resumed and a revised completion date will be communicated in due course". ANOH was developed by ANOH Gas Processing Co (AGPC), a joint venture equally owned by Seplat and NGIC. The integrated plant consists of two 150-MMscfd gas processing units, liquefied petroleum gas recovery units, condensate stabilization units, a 16-megawatt power plant and other supporting facilities, according to Seplat. It has been designed to operate with zero routine flares, the company said. Take control of your future. Search THOUSANDS of Oil & Gas jobs on Rigzone.com Search Now >> "Across the unitized field of OML [Oil Mining Lease] 53 and OML 21, the ANOH gas plant unlocks an estimated 4.6 Tcf [trillion cubic feet] condensate-rich gas resource base", Seplat said. "Seplat's working interest 2P [proven and probable] reserves in the unitized field, as booked at year-end 2024, stood at 0.8 Tcf. Seplat will derive value from two distinct income streams: wet gas sales from OML 53 to the ANOH gas plant, and dividends from its 50 percent equity ownership in AGPC". LPG from ANOH, combined with LPG from the Bonny River Terminal and Sapele, would make Seplat a leading supplier of cooking fuel in the domestic market, it said. Story Continues "In addition, the ANOH gas plant will process the flared gas from the Ohaji field, enabling Seplat to achieve its onshore End of Routine Flaring program, a key commercial and sustainability initiative for the company", Seplat said. Seplat chief executive Roger Brown said, "ANOH is the first of the seven critical gas development projects identified by federal government of Nigeria to commence operations". "This is our third major gas processing facility onshore and increases our joint venture gross gas processing capacity onshore to over 850 MMscfd", Brown added. "ANOH will provide material income streams for Seplat, reduce our carbon intensity and contribute significantly to the 2030 production target of 200 kboepd, set at our recent CMD [capital markets day]". To contact the author, email jov.onsat@rigzone.com More From Rigzone.com, The Leading Energy Platform: Strategists Project WoW USA Crude Inventory Rise Henry Hub Surges Sharply Over Past Week Glenfarne Says Texas LNG Capacity Fully Committed EIA Sees USA Gasoline Price Under $3 in 2026 and 2027 >> Find the latest oil and gas jobs on Rigzone.com << View Comments
Nigeria Data Center Colocation Supply & Demand Analysis Report 2025: Market to Grow at a CAGR of 48.37% to Reach $544 Million by 2030
Company Logo The Nigeria Data Center Colocation Market, valued at USD 51 million in 2024, is projected to reach USD 544 million by 2030, experiencing a robust CAGR of 48.37%. Positioned as one of Africa's rapidly expanding colocation markets, Nigeria benefits from strong connectivity, strategic location, and supportive government policies, addressing challenges like power and infrastructure. Global giants, including Equinix, are investing significantly, as seen with the $140 million MainOne acquisition. With an occupancy rate over 90% set to increase, this thriving sector attracts a diverse audience from real estate to advisory firms, promising dynamic growth and new opportunities. Nigerian Data Center Colocation MarketNigerian Data Center Colocation Market Dublin, Jan. 15, 2026 (GLOBE NEWSWIRE) -- The "Nigeria Data Center Colocation Market - Supply & Demand Analysis 2025-2030" report has been added to ResearchAndMarkets.com's offering. The Nigeria Data Center Colocation Market was valued at USD 51 million in 2024, and is projected to reach USD 544 million by 2030, rising at a CAGR of 48.37%. Nigeria data center colocation market is one of the growing colocation data center markets in the Africa region. With the strong connectivity, strategic location and government support. While it faces some challenges in terms of power availability and infrastructure. We believe that these issues are expected to be addressed during the forecast period. The country attracts investment from global colocation operators to invest across the country. For instance, in April 2025, Equinix announced that it had acquired Nigeria's MainOne and plans to invest around $140 million to expand its digital infrastructure across southern Nigeria over the next two years. Some of the leading colocation operators in the market include Africa Data Centres, 21 Century Technologies, Equinix, Digital Realty, Open Access Data Centres (OADC), Rack Centre and others. The average occupancy rate of colocation data centers across the country was over 90% which is likely to rise to around 98%, maintaining the vacancy rate at the lowest of 2% by 2030, creating a significant impact in the industry. WHAT'S INCLUDED? A transparent research methodology and insights on the colocation demand and supply aspect of the market. Market size available in terms of utilized white floor area, IT power capacity and racks. Market size available in terms of Core & Shell, Vs Installed Vs Utilized IT Power Capacity, along with the occupancy %. The study of the existing Nigeria data center market landscape, and insightful predictions about Nigeria data center market size during the forecast period. An analysis on the current and future colocation demand in Nigeria by several industries. The study on the sustainability status in Nigeria. Analysis on current and future cloud operations in Nigeria. The snapshot of upcoming submarine cables in Nigeria. Snapshot of existing and upcoming third-party data center facilities in Nigeria. Facilities Covered (Existing): 15 Facilities Identified (Upcoming): 16 Coverage: 2 Cities Existing vs. Upcoming (White Floor Area) Existing vs. Upcoming (IT Load Capacity) Data center colocation market in Nigeria. Colocation Market Revenue & Forecast (2024-2030) Retail Colocation Revenue (2024-2030) Wholesale Colocation Revenue (2024-2030) Retail Colocation Pricing along with Addons Wholesale Colocation Pricing, along with the pricing trends. An analysis of the latest trends, potential opportunities, growth restraints, and prospects for the colocation data center industry in Nigeria. Competitive landscape, including market share analysis by the colocation operators based on IT power capacity and revenue. Vendor landscape of each existing and upcoming colocation operators based on existing/ upcoming count of data centers, white floor area, IT power capacity and data center location. Story Continues THE REPORT INCLUDES: Colocation Supply (MW, Area, Rack Capacity) Colocation Demand (MW, Area, Rack Capacity) and by End-User (Cloud/IT, BFSI, etc..) Colocation Revenue (Retail & Wholesale Colocation Services) Competitive Scenario (Share Analysis by Revenue & MW Capacity) KEY QUESTIONS ANSWERED What is the count of existing and upcoming colocation data center facilities in Nigeria? How much MW of IT power capacity is likely to be utilized in Nigeria by 2030? Who are the new entrants in the Nigeria data center industry? What factors are the driving the Nigeria data center colocation market? Key Attributes: Report Attribute Details No. of Pages 53 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $51 Million Forecasted Market Value (USD) by 2030 $544 Million Compound Annual Growth Rate 48.3% Regions Covered Nigeria Supply & Demand Analysis Existing vs Upcoming Data Center Facilities List of Upcoming Data Center Projects Market by IT Power Capacity (Core & Shell, Installed & Utilized (Mw)) Core & Shell, Installed & Utilized Data Center Power Capacity by Cities Colocation Demand by Industry Market by Utilized Area Market by Utilized Racks Market Growth Factors Factors Attracting Colocation Investment in Nigeria Impact of AI in Data Center Industry in Nigeria Market Sustainability Status in Nigeria Cloud Connectivity Submarine Cables Colocation Revenue & Pricing Analysis Colocation Market by Revenue Retail vs Wholesale Colocation Retail Colocation Pricing and Addons Wholesale Colocation Pricing & Key Pricing Trends 10. Chapter 5 - Market Dynamics Key Trends Key Enablers / Drivers Key Restraints Competitive Landscape Competitive Landscape by Colocation Operators Market Share by Colocation Revenue Market Share by IT Power Capacity Existing Colocation Operators New Operators Existing Colocation Operators 21 Century Technologies Digital Realty Equinix MTN Open Access Data Centres (OADC) Rack Centre Africa Data Centres Excelsimo Networks Other Data Centers Facilities New Operators Airtel Africa Kasi Cloud UniCloud Africa & BDIC For more information about this report visit https://www.researchandmarkets.com/r/8l8qw4 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Nigerian Data Center Colocation Market CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 View Comments
TotalEnergies to Exit 10% Stake in Nigeria’s Renaissance JV in Asset Sale
TotalEnergies has signed a Sale and Purchase Agreement to divest its 10% non-operated stake in the Renaissance joint venture in Nigeria, marking another step in the company’s long-running portfolio rationalization in Africa. Under the agreement, TotalEnergies EP Nigeria will transfer its 10% participating interest in 15 oil-producing licenses to Vaaris, along with the associated rights and obligations. These assets delivered around 16,000 barrels of oil equivalent per day on a net basis to TotalEnergies in 2025, according to the company. The transaction also includes the transfer of TotalEnergies’ 10% participating interest in three gas-producing licenses - OML 23, OML 28, and OML 77 - although TotalEnergies will retain full economic exposure to these gas assets. The three licenses are strategically significant, as they currently account for roughly half of the gas supply feeding Nigeria LNG, one of the country’s most important export projects. The Renaissance JV, previously known as the Shell Petroleum Development Company (SPDC) joint venture, operates across 18 licenses in the Niger Delta. The unincorporated venture is owned by Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%), and Agip Energy and Natural Resources Nigeria (5%). Completion of the deal is subject to customary closing conditions, including regulatory and governmental approvals. The sale aligns with TotalEnergies’ broader strategy of high-grading its upstream portfolio, particularly in mature onshore and shallow-water assets in Nigeria’s Niger Delta. International oil companies have increasingly reduced exposure to these areas over the past decade, citing operational risk, community disruptions, environmental liabilities, and regulatory uncertainty. Several majors—including Shell, ExxonMobil, and Eni—have pursued similar divestments, transferring onshore Nigerian assets to local or regionally focused operators. The emergence of Renaissance Africa Energy as operator of the former SPDC JV is itself a product of this trend, reflecting a shift toward greater domestic participation in Nigeria’s upstream sector. For TotalEnergies, the transaction does not represent an exit from Nigeria. The company remains heavily invested in offshore oil projects and in gas, particularly through Nigeria LNG. In 2024, Nigeria contributed approximately 209,000 barrels of oil equivalent per day to TotalEnergies’ global production, making it one of the group’s most important hydrocarbon-producing countries. Story Continues By retaining full economic interest in the three gas licenses, TotalEnergies is signaling the continued strategic importance of LNG-linked gas production in its Nigerian portfolio. Nigeria LNG is a cornerstone of the country’s gas monetization strategy and a major supplier to global LNG markets, particularly Europe, which has increased imports from Nigeria since the onset of the Russia-Ukraine war. Maintaining economic exposure while transferring operational and participating interests allows TotalEnergies to reduce complexity and risk without sacrificing cash flow tied to LNG exports. TotalEnergies has operated in Nigeria for more than six decades and employs over 1,800 people across upstream, gas, and downstream businesses. In addition to its upstream activities, the company runs an extensive downstream network of roughly 540 service stations nationwide. The transaction underscores the ongoing reshaping of Nigeria’s oil and gas sector, as international majors rebalance portfolios and local players take on a larger operational role in legacy assets. By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com Oil Prices Plunge 3% as Trump Plays Down Prospect of War With Iran UK Awards Record Offshore Wind Capacity in Latest Auction How Greenland Became the Most Dangerous Real Estate on Earth Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
TotalEnergies to sell 10% stake in Nigeria’s Renaissance JV to Vaaris
* TotalEnergies said on Wednesday that its Nigerian unit, TotalEnergies EP Nigeria, has signed a sale and purchase agreement with Vaaris to divest its 10% non-operated interest in the Renaissance joint venture licenses in Nigeria. * Production from these licenses represented approximately 16,000 barrels equivalent per day in the company's share in 2025. * TotalEnergies EP Nigeria will also transfer [https://totalenergies.com/news/press-releases/nigeria-totalenergies-signs-sale-and-purchase-agreement-view-divesting-its-oil]to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28, and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50% of Nigeria LNG gas supply. MORE ON TOTALENERGIES SE * Sell Repsol: Buy Total Instead For Its Superior Profitability [https://seekingalpha.com/article/4848802-sell-repsol-buy-total-instead-for-superior-profitability] * Seeking Alpha’s Quant Rating on TotalEnergies SE [https://seekingalpha.com/symbol/TTES:CA/ratings/quant-ratings] * Historical earnings data for TotalEnergies SE [https://seekingalpha.com/symbol/TTES:CA/earnings] * Dividend scorecard for TotalEnergies SE [https://seekingalpha.com/symbol/TTES:CA/dividends/scorecard] * Financial information for TotalEnergies SE [https://seekingalpha.com/symbol/TTES:CA/income-statement]
Nigeria: TotalEnergies Signs a Sale and Purchase Agreement in View of Divesting its Oil Interest in Renaissance JV (formerly SPDC)
PARIS, January 14, 2026--(BUSINESS WIRE)-- TotalEnergies announces that its subsidiary TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement (SPA) with Vaaris for the sale of its 10% non-operated interest in the Renaissance JV licenses in Nigeria. The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Corporation Ltd (55%), Renaissance Africa Energy Company Ltd (30%, operator), TotalEnergies EP Nigeria (10%) and Agip Energy and Natural Resources Nigeria (5%), which holds 18 licenses in the Niger Delta. Under the agreement signed with Vaaris: TotalEnergies EP Nigeria will sell to Vaaris its 10% participating interest and all its rights and obligations in 15 licenses of Renaissance JV, which are producing mainly oil. Production from these licenses represented approximately 16,000 barrels equivalent per day in Company share in 2025. TotalEnergies EP Nigeria will also transfer to Vaaris its 10% participating interest in the 3 other licenses of Renaissance JV which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses which currently account for 50% of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals. *** About TotalEnergies in Nigeria TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities. About TotalEnergies TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations. TotalEnergies Contacts Corporate Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com @TotalEnergiesTotalEnergiesTotalEnergiesTotalEnergies Story Continues Cautionary Note The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC). View source version on businesswire.com: https://www.businesswire.com/news/home/20260112451893/en/ Contacts TotalEnergies View Comments
Nigeria to Track Crypto Transactions Using National Identification Numbers and Tax Records
Nigeria has revealed new tax law mechanisms that could eventually make cryptocurrencies traceable using national IDs. The Nigerian Tax Administration Act (NTAA) 2025 noted that the government is planning to track crypto transactions in real-time, using Tax Identification Numbers (TINs) and National Identification Numbers (NINs). Prediction Market powered by Per a report by TechCabal, the method will make it easy for tax authorities to track largely invisible crypto transactions without directly accessing the blockchain itself. By linking it to national IDs, crypto flows can be matched with income declarations and tax records, the report added. Linking National IDs to Crypto Transfers – Here’s Why The West African nation has mandated crypto exchanges and service providers to collect and report their clients’ TINs and NINs, expanding its identity tracing system to the crypto ecosystem. TIN is a unique identification number issued by the Nigerian Revenue Service and the Joint Tax Commission to track tax compliance and enforcement of individuals and businesses. Meanwhile, NIN links personal identification information to biometric data such as fingerprints and face-scanners in the national identity database. With the current tax law, authorities can track crypto flows from exchanges to individuals and reported income. This is done without building complex blockchain surveillance infrastructure, it noted. Nigeria’s financial regulator announced last year that it is considering a bill to include crypto taxation in its regulatory framework. Besides, Nigeria’s approach aligns with developments under the Crypto-Asset Reporting Framework (CARF), an OECD initiative for global tax transparency. Nigeria Leads in Crypto Adoption Nigeria has become one of Africa’s top cryptocurrency adopters again, per Chainalysis’ 2025 Global Adoption Index. The nation’s crypto market is estimated to have gained $92.1 billion in value between July 2024 and June 2025. Furthermore, the Central Bank of Nigeria (CBN) has recently formed a new task force to explore the adoption of stablecoins. The move comes amid sluggish adoption of the country’s digital currency, the eNaira, and growing public skepticism toward its performance. Read original story Nigeria to Track Crypto Transactions Using National Identification Numbers and Tax Records by Sujha Sundararajan at Cryptonews.com View Comments
Chevron's Nigeria Play: Can New Licenses Unlock Its Next Growth Wave?
Chevron Corporation CVX remains one of Nigeria’s most significant oil producers, managing extensive onshore, near-shore and deepwater operations in collaboration with the Nigerian National Petroleum Corporation. Its Nigerian portfolio includes operatorship of the Agbami Field, a major deepwater asset, along with a stake in the Usan Field, spanning a total of 2.9 million oil and gas acres as of 2024. The company is now accelerating its growth plans in the country, supported by clearer regulatory frameworks introduced under the Petroleum Industry Act. Chevron has confirmed its intention to participate in Nigeria’s next oil licensing round, a move that reflects its strengthened confidence in the nation’s upstream environment and reinforces its long-term strategic commitment. With Nigeria set to offer 50 fields through a fully digital platform in the 2025 round, CVX’s interest in expanding its offshore presence positions it to capitalize on promising deepwater opportunities and broaden its global exploration portfolio. In addition to the licensing round, Chevron has agreed to acquire a 40% interest in two offshore exploration licenses — PPL 2000 and PPL 2001 — from TotalEnergiesSE TTE. These blocks will enhance exploration capacity and pave the way for new development projects. Chevron also plans to bring in a drilling rig by late 2026 to evaluate recently identified resources near the Agbami hub. This initiative is aimed at extending the lifespan of existing assets and unlocking further reserves. Leading Energy Players Broadening Their Reach in Nigeria Recently, some major oil firms have been expanding in Nigeria as the nation boosts output and tackles theft and spills. In May 2025, Shell plc SHEL acquired a 12.5% interest in Nigeria’s Bonga field located within the OML 118 Production Sharing Contract, increasing its total stake to 55%. Recently, Shell increased its stake in the same field to 65% after acquiring an additional 10% interest, reinforcing its commitment to expanding deep-water output in the Bonga field. In November 2025, TotalEnergies reached agreements with Conoil to acquire an additional 50% stake in the OPL 257 exploration block, raising its ownership to 90%. The company reported production of 209,000 barrels of oil equivalent per day in Nigeria in 2024. TotalEnergies has also expressed interest in joining the 2025 oil licensing round in Nigeria. The Zacks Rundown on Chevron Shares of Chevron have gained 6.6% in the past six months, lagging behind the Oil/Energy sector’s growth of 10.6%. Story Continues Zacks Investment Research Image Source: Zacks Investment Research From a valuation perspective — in terms of forward price-to-earnings ratio — Chevron is trading at a premium compared with the industry average. The stock is also trading above its five-year mean of 11.87.Zacks Investment Research Image Source: Zacks Investment Research The Zacks Consensus Estimate for Chevron’s 2025 earnings has been revised about 2.5% upward over the past 30 days.Zacks Investment Research Image Source: Zacks Investment Research The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research View Comments
Chevron commits to Nigeria 2025 licensing round, plans rig deployment in 2026
[Chevron Reports $8.3 Billion Loss For Second Quarter] Justin Sullivan/Getty Images News Chevron (CVX [https://seekingalpha.com/symbol/CVX]) said it plans to participate [https://www.reuters.com/business/energy/chevron-join-nigeria-oil-licence-auction-plans-rig-deployment-2026-2025-12-05/] in Nigeria’s next oil licensing round and deploy a drilling rig in 2026 as it seeks to expand operations in the country, Reuters reported Friday. "Our intention is to continue to grow in Nigeria," Chevron's (CVX [https://seekingalpha.com/symbol/CVX]) Nigeria/Mid-Africa top executive Jim Swartz told Reuters after meeting the Nigerian Upstream Petroleum Regulatory Commission, citing improved regulatory clarity and security. Chevron (CVX [https://seekingalpha.com/symbol/CVX]) announced an agreement this week [https://seekingalpha.com/news/4526692-totalenergies-to-sell-40-interest-in-nigerian-offshore-blocks-to-chevron-unit] to acquire a 40% stake in two offshore exploration licences from TotalEnergies (TTE [https://seekingalpha.com/symbol/TTE]) and is seeking regulatory approval to accelerate development; TotalEnergies also has expressed interest in joining the Nigeria auction. Swartz said Chevron (CVX [https://seekingalpha.com/symbol/CVX]) plans to deploy a rig in Nigeria late next year to drill a newly discovered resource near Agbami and extend leases on existing assets. The executive also said Chevron (CVX [https://seekingalpha.com/symbol/CVX]) did not record any oil theft or sabotage in the past year, its longest-ever period without disruptions in its Nigerian operations. MORE ON CHEVRON * Chevron Analyst/Investor Day - Slideshow [https://seekingalpha.com/article/4844309-chevron-corporation-cvx-analyst-investor-day-slideshow] * Chevron: China's Strategic Reserve And $60 Oil Prices Lead To A Downgrade [https://seekingalpha.com/article/4842102-chevron-chinas-strategic-reserve-and-oil-prices-lead-to-downgrade] * Chevron Crosses 4 Million Barrels Per Day In Production [https://seekingalpha.com/article/4841002-chevron-crosses-4-million-barrels-per-day-in-production]
Chevron & TotalEnergies Deepen Offshore Exploration Ties in Nigeria
Chevron Corporation CVX is taking another meaningful step in strengthening its global exploration portfolio by entering Nigeria’s high-potential offshore acreage. Through a farm-in agreement with TotalEnergies SE’s TTE Nigeria affiliate, Chevron will acquire a 40% interest in the PPL 2000 and PPL 2001 exploration licenses — an important foothold in one of West Africa’s most active and resource-rich basins. These blocks, spanning about 2,000 square kilometers, were awarded to a consortium of TotalEnergies and South Atlantic Petroleum in Nigeria’s 2024 Exploration Round. With this farm-in agreement, TotalEnergies will remain operator of the block with a 40% interest alongside Chevron (40%) and South Atlantic Petroleum (20%) and will position Chevron to unlock new deepwater resources alongside established partners. Expanding a High-Value Global Collaboration This agreement builds on Chevron’s growing partnership with TotalEnergies, following the French energy major’s June acquisition of a 25% working interest across 40 Chevron-operated U.S. offshore blocks. Extending the collaboration to Nigeria demonstrates Chevron’s commitment to leveraging joint expertise, reducing exploration risk and accelerating the development of high-impact opportunities in key global basins. These federal leases operated by CVX covered an area of approximately 1,000 square kilometers, with 13 blocks in the Walker Ridge area, 18 in East Breaks and the remainder in the Mississippi Canyon area. Chevron’s latest acquisition further deepens its long-standing partnership with TotalEnergies, which already includes joint developments like Ballymore — operated by Chevron with a 60% stake — and collaborations in the Anchor, Jack and Tahiti projects in the Gulf of America. Building on recent milestones such as first oil at Anchor and the startup of Ballymore, the companies plan to apply advanced tools, including 3D imaging, to unlock additional offshore resource potential. Global Energy Leaders Expand Their Footprint in Nigeria Recently, leading oil companies have been strengthening their presence in Nigeria as the country works to boost oil and gas production and address issues like theft, oil spills and vandalism. In May 2025, Shell plc SHEL had acquired a 12.5% interest in Nigeria’s Bonga field located within the OML 118 Production Sharing Contract, increasing its total stake to 55% andJust last week, it increased its stake in the same field to 65% after acquiring an additional 10% interest, reinforcing its commitment to expanding deep-water output in the Bonga field. Story Continues In August 2025, Petróleo Brasileiro S.A. - Petrobras PBR also hinted at its return to Nigeria’s oil market. Earlier, in the month of May, Nigeria’s foreign minister had said that the country was in discussion with Petrobras to pursue its deepwater exploration. After a decade-long absence, Petrobras too is signaling a renewed interest in Nigeria’s offshore frontier acreage, which is in sync with its aggressive investment blueprint through 2029. Supporting Nigeria’s Energy Development Goals Nigeria, which depends heavily on oil for the bulk of its export revenues, is working to restore output after years of limited investment and security issues in the Niger Delta. The initiative reflects president Bola Tinubu’s push to raise production, attract new investment and move the economy toward his $1-trillion goal. On Dec. 01, 2025, Nigeria’s upstream regulator launched the 2025 oil licensing round, opening 50 blocks for bidding as the country aims to raise production and draw fresh investment. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the offering covers 15 onshore blocks, 19 shallow-water blocks, 15 frontier assets and one deepwater block. The round is expected to attract around $10 billion and could add up to 2 billion barrels over the next decade, with output potentially reaching 400,000 barrels per day once fully developed. NUPRC noted that winners from last year’s round have already paid signature bonuses and begun exploration work, but emphasized that new production will take time to come online. Working with TotalEnergies as operator and South Atlantic Petroleum as a partner, Chevron, currently carrying a Zacks Rank #3 (Hold), aims to help advance Nigeria’s objectives of responsibly expanding its offshore resource base. The transaction remains subject to regulatory approvals, but once completed, it will enhance Chevron’s regional presence and contribute to new energy development pathways in the West Delta basin. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research View Comments
TotalEnergies to sell 40% stake in Nigerian offshore licences to Chevron company
TotalEnergies EP Nigeria has signed a farmout agreement with Chevron’s Star Deep Water Petroleum to sell a 40% stake in the PPL 2000 and PPL 2001 offshore licences. Located in the West Delta basin in Nigeria, the two exploration licences cover approximately 2,000km². The Nigerian Upstream Petroleum Regulatory Commission awarded the licences to a consortium comprising TotalEnergies and South Atlantic Petroleum during the 2024 Exploration Round. Under the terms of the agreement, TotalEnergies will have a 40% participation stake and continue as operator, while Chevron will hold another 40% stake in the licences. South Atlantic Petroleum will have the remaining 20% interest. The closing of the farmout transaction remains subject to customary conditions including regulatory approvals. In June, TotalEnergies acquired a 25% working interest in a portfolio of offshore US exploration leases, comprising 40 blocks operated by Chevron. This new agreement is said to further strengthen TotalEnergies’ global offshore exploration collaboration with Chevron. TotalEnergies exploration senior vice-president Nicola Mavilla said: “After launching our joint venture [JV] in US offshore exploration in June, we are delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin. “This new JV aims at de-risking and developing new opportunities in Nigeria, in line with the objectives of the country.” Last week, the French oil and gas company completed the sale of its non-operated stake in the Bonga deep-water oilfield offshore Nigeria. TotalEnergies transferred its stake to Shell subsidiary Shell Nigeria Exploration and Production Company and Eni’s subsidiary Nigerian Agip Exploration. The sale resulted in changes to the Bonga deep-water field ownership structure within the oil mining lease 118 production sharing contract. Last month, Chevron forecast more than 10% growth in its annual adjusted free cash flow and annual earnings per share through 2030, assuming Brent crude prices of $70 per barrel. The company reduced its capital expenditure guidance range to $18bn–21bn per year. "TotalEnergies to sell 40% stake in Nigerian offshore licences to Chevron company " was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. View Comments
TotalEnergies Sells 40% Stake in Nigerian Offshore Project to Chevron
TotalEnergies will sell a 40% stake in two exploration licenses offshore Nigeria to Chevron, as part of an ongoing discussion of global exploration opportunities between the two companies, the French supermajor said on Monday. TotalEnergies is selling stakes in the PPL 2000 and 2001 licenses in the prolific West Delta basin offshore Nigeria, while it will remain operator with a 40% participation alongside Chevron with 40% and South Atlantic Petroleum with a 20% interest. The new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron, following the June acquisition of a 25% working interest in a portfolio of exploration leases offshore U.S. comprising 40 Chevron-operated blocks. “After launching our joint venture in US offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin,” said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.” TotalEnergies’ oil and gas production in Nigeria was 209,000 boe/d in 2024 and the biggest African oil producer is a key contributor to the company’s global hydrocarbon output. Lately, oil majors have been boosting their presence in Nigeria, which looks to increase its oil and gas output as it moves to tackle theft and vandalism. Last week, Shell plc completed the acquisition of an additional 10% interest in Nigeria’s OML 118 Production Sharing Contract, raising its stake in the deep-water Bonga field from 55% to 65% and reinforcing its commitment to growing upstream output. Meanwhile, Nigeria is launching its 2025 oil licensing round, as the Upstream Petroleum Regulatory Commission (NUPRC) steps deeper into the role once dominated by the state oil company. The move signals President Bola Tinubu’s intent to boost output, court investors, and drive the economy toward his $1-trillion target. By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com India Signals a 50% Cut in Russian Oil Imports Under U.S. Sanctions Pressure Shell and Equinor JV Launches UK’s Top North Sea Producer Private Equity Pours $145 Billion Into UK Renewable Energy Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
TotalEnergies Completes Bonga Exit
This article was first published on Rigzone here TotalEnergies SE has completed the sale of its 12.5 percent stake in Oil Mining Lease (OML) 118, which contains the producing Bonga field, to partners Shell PLC and Eni SpA for $510 million. Shell Nigeria Exploration and Production Co Ltd got 10 percent, instead of 12.5 percent as initially intended. Eni through Nigeria Agip Exploration Ltd exercised its preemption right for 2.5 percent, the parties confirmed in separate statements. The transaction has raised operator Shell's interest to 65 percent and Eni's to 15 percent. Exxon Mobil Corp retains 20 percent through Esso Exploration and Production Nigeria Ltd. OML118 contains the Bonga field, which started production 2005 and has a capacity of 225,000 barrels of oil per day (bopd), according to Shell. "Following our final investment decision on Bonga North last year, this acquisition represents another significant investment in Nigeria deepwater, and is part of Shell’s strategy to further invest in competitive existing assets that contribute to sustained liquids production and growth in our upstream portfolio", Britain's Shell said. Expected to start production by 2030, Bonga North will have a capacity of 110,000 bopd, according to Shell's FID announcement December 16, 2024. Bonga North holds estimated recoverable resources of over 300 million barrels of oil equivalent. It will be a tieback to the Bonga floating production storage and offloading facility, according to Shell. "This targeted investment contributes towards growing Shell’s combined Integrated Gas and Upstream total production by one percent per year to 2030 and contributes towards sustaining our 1.4 million barrels per day of liquids production", Shell added about the acquisition from TotalEnergies. Take control of your future. Search THOUSANDS of Oil & Gas jobs on Rigzone.com Search Now >> Italy's state-backed Eni said separately, "This acquisition is fully aligned with Eni’s strategy to optimize its upstream portfolio and further strengthens the company’s commitment to deepwater projects in the country". "Eni has been present in Nigeria since 1962, with an average equity production of 50 Kboed [50,000 barrels of oil equivalent per day] in 2025", Eni added. TotalEnergies said May 29, announcing the transaction agreement with Shell, that its OML118 exit was part of its efforts to refocus investment in the West African country to its operated gas and offshore oil assets. However, TotalEnergies' deal last year to sell its 10 percent stake in the SPDC Joint Venture to Chappal Energies Mauritius Ltd had collapsed, according to an online statement by the Nigerian Upstream Petroleum Regulatory Commission on September 25, 2025. Story Continues On March 13, 2025, Shell said it had completed the sale of Shell Petroleum Development Company of Nigeria Ltd (SPDC) as it also concentrates on deepwater and integrated gas assets. In the $1.3-billion transaction, the consortium Renaissance Africa took over SPDC and consequently acquired a 30 percent operating stake in the SPDC Joint Venture. To contact the author, email jov.onsat@rigzone.com More From Rigzone.com, The Leading Energy Platform: ADNOC Bags 20-Year Gas Supply Contract from Emsteel OPEC+ Reaffirms Decision to Pause Production Hikes North America Drops 17 Rigs Week on Week EIA Cuts USA Energy Demand Forecast, Still Sees Rise in 2026 >> Find the latest oil and gas jobs on Rigzone.com << View Comments
TotalEnergies to sell 40% interest in Nigerian offshore blocks to Chevron unit
[Exterior view of the headquarters of the oil company TotalEnergies, formerly known as Total] HJBC/iStock Editorial via Getty Images TotalEnergies EP Nigeria (TTE [https://seekingalpha.com/symbol/TTE]) has signed a farmout agreement to sell to Star Deep Water Petroleum, a Chevron (CVX [https://seekingalpha.com/symbol/CVX]) company, a 40% stake in two offshore Nigerian exploration licenses. Completion of the farmout transaction with Chevron is subject to customary conditions, including regulatory approvals. The PPL 2000 and PPL 2001 licenses, located in the West Delta basin and spanning ~2,000 sq km, were awarded to a consortium of TotalEnergies (TTE [https://seekingalpha.com/symbol/TTE]) and South Atlantic Petroleum following the 2024 exploration round organized by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies (TTE [https://seekingalpha.com/symbol/TTE]) will continue as operator with 40%, alongside Chevron (40%) and South Atlantic Petroleum (20%). The new joint venture deepens the companies’ global offshore partnership, following TotalEnergies’ June purchase of a 25% interest in a portfolio of exploration leases offshore U.S. from Chevron (operator). "After launching our joint venture in US offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin," said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies. “This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country.” Source: Press Release [https://seekingalpha.com/pr/20323008-exploration-totalenergies-strengthens-its-global-collaboration-with-chevron] MORE ON TOTALENERGIES, CHEVRON * Sell Repsol: Buy Total Instead For Its Superior Profitability [https://seekingalpha.com/article/4848802-sell-repsol-buy-total-instead-for-superior-profitability] * TotalEnergies SE (TTE) 50% Acquisition of EPH Flexible Generation Assets in Europe [https://seekingalpha.com/article/4844840-totalenergies-se-tte-50-percent-acquisition-of-eph-flexible-generation-assets-in-europe] * TotalEnergies SE (TTE) M&A Call Transcript [https://seekingalpha.com/article/4844600-totalenergies-se-tte-m-and-a-call-transcript] * TotalEnergies, Repsol in talks to combine U.K. upstream assets - report [https://seekingalpha.com/news/4526525-totalenergies-repsol-in-talks-to-combine-u-k-upstream-assets-report] * Chevron trades in red for seven straight sessions [https://seekingalpha.com/news/4525981-chevron-trades-in-red-for-seven-straight-sessions]
Exploration: TotalEnergies Strengthens its Global Collaboration with Chevron
PARIS, December 01, 2025--(BUSINESS WIRE)-- Further to an ongoing discussion of global exploration opportunities between TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) and Chevron, TotalEnergies EP Nigeria has signed a farmout agreement to sell to Star Deep Water Petroleum Limited, a Chevron company, a 40% participation in the PPL 2000 and PPL 2001 exploration licenses, offshore Nigeria. Located in the prolific West Delta basin, the PPL 2000 & 2001 licenses are covering an area of approximately 2,000 square kilometers and were awarded to a consortium of TotalEnergies and South Atlantic Petroleum following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies will remain operator with a 40% participation alongside Chevron (40%) and South Atlantic Petroleum (20%). This new joint venture reinforces TotalEnergies’ global offshore exploration collaboration with Chevron, following the June acquisition of a 25% working interest in a portfolio of exploration leases Offshore U.S. comprising 40 Chevron-operated blocks. "After launching our joint venture in US offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin," said Nicola Mavilla, Senior Vice-President Exploration at TotalEnergies. "This new joint venture aims at derisking and developing new opportunities in Nigeria, in line with the objectives of the country." Completion of the farmout transaction with Chevron is subject to customary conditions, including regulatory approvals. About TotalEnergies in Nigeria TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities. About TotalEnergies TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to providing as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations. Story Continues @TotalEnergiesTotalEnergiesTotalEnergiesTotalEnergies Cautionary Note The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC). TotalEnergies Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com View source version on businesswire.com: https://www.businesswire.com/news/home/20251130953144/en/ Contacts TotalEnergies SE View Comments
Shell Finalizes Increased Stake in Nigeria’s Deepwater Bonga Field
Shell plc (SHEL) has completed the acquisition of an additional 10% interest in Nigeria’s OML 118 Production Sharing Contract, raising its stake in the deep-water Bonga field from 55% to 65% and reinforcing its commitment to growing upstream output. The deal, executed through Shell Nigeria Exploration and Production Company (SNEPCo), follows last year’s final investment decision on the Bonga North project and aligns with Shell’s strategy to prioritise high-return, existing assets. Bonga, Nigeria’s first deep-water oil development, has been a core pillar of Shell’s regional portfolio for two decades and remains one of the country's most strategic offshore producers. The acquisition had initially been expected to total 12.5%, but Nigerian Agip Exploration—an Eni subsidiary—exercised pre-emption rights to acquire 2.5%, revising Shell’s incremental gain to 10%. The updated ownership structure now places SNEPCo at 65% (operator), Esso Exploration and Production Nigeria at 20%, and Agip at 15%, with all partners operating on behalf of the Nigerian National Petroleum Company (NNPC). The move supports Shell’s target to grow combined Integrated Gas and Upstream production by around 1% annually to 2030 and helps secure the company’s stated 1.4 million barrels per day of liquids output. As Nigeria seeks to revitalize its offshore sector and stabilize crude supply, increased operator investment in mature deep-water assets is seen as a critical pathway to sustaining national production levels. Industry observers have noted that the Bonga North expansion—expected to tap several hundred million barrels of oil equivalent—could help reverse Nigeria’s offshore decline curve, provided fiscal and regulatory stability continues to improve. Shell’s announcement also reiterated standard cautionary statements regarding forward-looking expectations, reflecting ongoing geopolitical, market, and policy risks faced by global operators. Overall, the higher stake signals confidence in Nigeria’s upstream potential, continued capital allocation to advantaged conventional oil, and the long-term role of deep-water assets in Shell’s portfolio strategy. By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com China’s LNG Imports Fall for 13th Straight Month as Domestic Output Surges Equinor Secures Major 10-Year Gas Deal With Czech Republic European Natural Gas Plummets to 18-Month Low Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
Nigeria: TotalEnergies Completes the Divestment of its Non-Operated Interest in the Bonga Field
PARIS, November 25, 2025--(BUSINESS WIRE)-- TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) announces that its subsidiary TotalEnergies EP Nigeria (TEPNG) has completed the divestment of its 12.5% non-operated interest in the OML118 Production Sharing Contract (PSC) to Shell Nigeria Exploration and Production Company Ltd (10%) and Nigerian Agip Exploration (2.5%) for an aggregated amount of USD 510 million. *** About TotalEnergies in Nigeria TotalEnergies has been present in Nigeria for more than 60 years and employs today more than 1,800 people across different business segments. Nigeria is one of the main contributing countries to TotalEnergies’ hydrocarbon production with 209,000 boe/d produced in 2024. TotalEnergies also operates an extensive distribution network which includes about 540 service stations in the country. In all its operations, TotalEnergies is particularly attentive to the socio-economic development of the country and is committed to working with local communities. About TotalEnergies TotalEnergies is a global integrated energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to provide as many people as possible with energy that is more reliable, more affordable and more sustainable. Active in about 120 countries, TotalEnergies places sustainability at the heart of its strategy, its projects and its operations. @TotalEnergiesTotalEnergiesTotalEnergiesTotalEnergies Cautionary Note The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC). Story Continues TotalEnergies Contacts Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com l @TotalEnergiesPR Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com View source version on businesswire.com: https://www.businesswire.com/news/home/20251124157106/en/ Contacts TotalEnergies View Comments
TotalEnergies Boosts Nigeria Offshore Position With Bigger OPL257 Stake
TotalEnergies has strengthened its deepwater footprint offshore Nigeria after signing reciprocal deals with Conoil Producing that will lift the French major’s operated interest in block OPL257 from 40% to 90%. In exchange, Conoil will acquire TotalEnergies’ 40% stake in block OML136. The move consolidates TotalEnergies’ control over one of its most strategically positioned Nigerian offshore blocks. OPL257 sits adjacent to PPL 261, where the company and partners discovered the Egina South field two decades ago. That reservoir extends into OPL257, making operatorship crucial as the company evaluates the resource’s development potential. TotalEnergies plans to drill an appraisal well on the OPL257 side in 2026, with the aim of maturing Egina South as a low-cost tie-back to the existing Egina FPSO, located roughly 30 kilometers away. Such projects—leveraging existing infrastructure to monetize additional reserves—are at the core of the company’s current capital discipline and portfolio strategy across Africa. Mike Sangster, TotalEnergies’ Senior Vice-President for Africa, said the deal builds on a long-running partnership with Conoil and provides the clarity needed to advance an “attractive tie-back opportunity” aligned with the firm’s focus on operated gas and offshore oil assets in Nigeria. Tie-backs have become particularly valuable in Nigeria, where declining investment, security challenges, and regulatory delays have pressured output. Reusing infrastructure can reduce cost, shorten timelines, and mitigate above-ground risks. The transaction follows a broader regional trend as international operators streamline Nigerian portfolios while doubling down on deepwater assets where security risks are lower and project economics remain competitive. TotalEnergies, Nigeria’s largest international operator by production, has maintained a more stable footprint than some peers and continues to invest through both greenfield and brownfield offshore projects. TotalEnergies remains one of Nigeria’s key hydrocarbon producers, delivering 209,000 boe/d in 2024 across upstream, marketing, and gas operations. The company also operates a large fuel distribution network and emphasizes community engagement as part of its long-standing presence. Completion of the Conoil transaction is subject to standard regulatory approvals. Once finalized, the strengthened position in OPL257 will give TotalEnergies the operating control required to advance the next phase of development around the Egina hub—an important anchor for Nigeria’s deepwater output and long-term production stability. Story Continues By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com Sanctions Slow Russian and Iranian Crude Flows to China Russian Crude Piles Up but Oil Prices Refuse to Move U.S. Backs Nuclear Plant Restart as AI Power Demand Soars Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
TotalEnergies Expands Control of Key Offshore Block in Nigeria
TotalEnergies has signed agreements with its long-time Nigerian partner, Conoil Producing Limited, to acquire an additional 50% interest in offshore exploration block OPL 257, raising its ownership to 90%. Conoil will retain the remaining 10% following regulatory approval. The transaction strengthens TotalEnergies’ position in Nigeria’s deepwater oil sector, aligning with the company’s strategy to focus on operated offshore and gas assets. The French major aims to leverage existing infrastructure around the nearby Egina field for cost-effective production growth. As part of the deal, Conoil will acquire TotalEnergies’ 40% stake in block OML 136, while TotalEnergies consolidates control over OPL 257, located about 150 kilometers off the Nigerian coast. The block includes an oil discovery made in 2005 in structure PPL 261, which straddles the concession boundary. An appraisal well on OPL 257 is planned for 2026 as part of TotalEnergies’ next drilling campaign. The company intends to assess the potential for tiebacks to the Egina Floating Production Storage and Offloading (FPSO) facility, optimizing development costs. “TotalEnergies remains deeply committed to Nigeria, a key country in our global portfolio,” said a company spokesperson. “This transaction underscores our focus on operated assets and our long-term investment strategy to support Nigeria’s energy growth.” The move follows a string of milestones for TotalEnergies in Nigeria, including the start-up of Akpo West in early 2024, the Ubeta gas project reaching FID in mid-2024, and new exploration entries in deepwater blocks PPL 2000 and 2001 in 2025. The company produced 209,000 barrels of oil equivalent per day in Nigeria in 2024 and continues to support the country’s goal of attracting investment and boosting production. Oilprice Intelligence brings you the signals before they become front-page news. This is the same expert analysis read by veteran traders and political advisors. Get it free, twice a week, and you'll always know why the market is moving before everyone else. You get the geopolitical intelligence, the hidden inventory data, and the market whispers that move billions - and we'll send you $389 in premium energy intelligence, on us, just for subscribing. Join 400,000+ readers today. Get access immediately by clicking here. View Comments
Nigeria Embedded Finance Market Databook (Q4 2025 Update) - Access Over 100 KPIs, Including Transaction Value and Revenue
Dublin, Nov. 12, 2025 (GLOBE NEWSWIRE) -- The "Nigeria Embedded Finance Market Size & Forecast by Value and Volume Across 100+ KPIs by Business Models, Distribution Models, End-Use Sectors, and Key Verticals (Payments, Lending, Insurance, Banking, Wealth) - Databook Q4 2025 Update" has been added to ResearchAndMarkets.com's offering. The embedded finance market in Nigeria is projected to experience significant growth, with expectations to reach $4.34 billion by 2025, marking an annual growth of 8.7%. Having recorded a CAGR of 12.2% between 2021 and 2025, the market is predicted to sustain its momentum, growing at a CAGR of 6.3% from 2026 to 2030, culminating in an estimated market value of $5.55 billion by 2030. Report Scope This detailed report offers a comprehensive, data-centric analysis of Nigeria's embedded finance industry, focusing on key verticals such as payments, lending, insurance, banking, and investments & wealth management. With over 100 KPIs explored, including transaction value, volume, and financial performance measures, the report presents a holistic view of the market's size and dynamics. Market segmentation includes an analysis by business models (platform-based, enabler, regulatory entity), distribution models (own and third-party platforms), and end-use markets such as e-commerce, retail, healthcare, travel & hospitality, and education. These datasets collectively offer insights into operational efficiency, customer behavior, risk factors, and user experience in the Nigerian embedded finance space. The research applies industry best practices, utilizing a proprietary analytics platform to continue presenting an objective view of emerging business and investment opportunities. Nigeria Embedded Finance Market Size and Growth Dynamics Total Transaction ValueNumber of TransactionsAverage Value per Transaction Nigeria Embedded Finance Financial Performance Indicators Total RevenueAverage Revenue per Transaction / Product Nigeria Embedded Finance Key Metrics Operational Efficiency Metrics: Transaction Success Rate, Automation Rate, Average Turnaround TimeQuality & Risk Metrics: Fraud Rate, Error RateCustomer Behavior Metrics: Repeat Borrowing Rate, Customer Retention Rate, Conversion RateUser Experience Metrics: Average Transaction Speed Nigeria Embedded Payments Market Size and Key Metrics Total Payment Value (TPV) and Growth OutlookNumber of Transactions, Average Revenue per TransactionMetrics: Transaction Success Rate, Repeat Usage Rate, Chargeback Rate, Conversion Rate Nigeria Embedded Lending Market Dynamics Loan Disbursement Value, Number of Loans, Average Loan SizeMetrics: Delinquency Rate, Approval Rate, Loan Origination Time Nigeria Embedded Insurance Market & Key Metrics Gross Written Premium (GWP), Number of PoliciesMetrics: Claims Ratio, Renewal Rate, Fraud Rate Nigeria Embedded Banking & Investments Market Total Deposits, Account Fee RevenueTotal Assets Under Management (AUM), Number of Transactions Reasons to Buy Access over 100 KPIs, including transaction value and revenue.Cover all five embedded finance verticals with structured datasets.Granular market segmentation by business and distribution models.In-depth sector-level data tracking across various end-use markets.Insight into operational and performance metrics for a complete market view. Key Attributes Report AttributeDetailsNo. of Pages230Forecast Period2026 - 2030Estimated Market Value (USD) in 2026$4.34 BillionForecasted Market Value (USD) by 2030$5.55 BillionCompound Annual Growth Rate6.3%Regions CoveredNigeria For more information about this report visit https://www.researchandmarkets.com/r/5qx45e About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Nigerian Embedded Finance Market
Aliko Dangote First African to Join $30 Billion Club
Africa’s richest man, Aliko Dangote, has reached a new milestone in his financial empire. Dangote’s net worth climbed to $30 billion as of Oct. 23, a $2.16 billion gain since the start of the year, according to Bloomberg’s Billionaires Index and Business Insider. The index shows that Dangote’s wealth recently grew by another $430 million, pushing him over the coveted $30 billion threshold. Just a few weeks ago, his fortune stood at $29.6 billion, and as of yesterday, he was only $200 million short of reaching that figure. The Nigerian businssman began his business journey with the Dangote Group, a small trading firm that imported sugar, salt, and other food products. In 1981, he expanded his ventures by founding Dangote Nigeria Limited and Blue Star Services, both specializing in the importation of rice, steel, and aluminum. He later launched Dangote Cement, which today generates roughly $3.7 billion in annual revenue. His Dangote Sugar Refinery is among the largest sugar producers in Nigeria and across the continent. Dangote’s latest financial surge coincides with the opening of a $160 million cement facility in Attingué, Côte d’Ivoire, located roughly 30 kilometers north of Abidjan. The sprawling 50-hectare site boasts a production capacity of three million metric tonnes annually, making it one of Dangote Cement’s largest manufacturing plants outside of Nigeria. The new facility expands Dangote Group’s cement production capacity across Africa to roughly 55 million tons per year, spread across 11 countries. Beyond cement, Dangote’s business empire, reports suggest that within the next year, the company plans to list 5 to 10 percent of its shares on the Nigerian Exchange (NGX) Limited. The billionaire has also announced bold plans to expand his oil refining operations, aiming to double capacity to 1.4 million barrels per day. If realized, the Dangote Refinery would surpass the world’s largest refinery in Jamnagar, India, which processes 1.36 million barrels daily. Founded in May 2023, the Dangote Oil Refinery began operations that October, initially producing around 370,000 barrels per day of diesel and jet fuel. Following its launch, Bloomberg ranked Dangote as the 81st richest person globally, with a net worth of $20.4 billion. Despite periods of fluctuation—including a dip to $13 billion in mid-2024—Dangote has consistently bounced back. His wealth surged dramatically later that year, jumping from $13 billion to $27.8 billion by October. By early 2025, Dangote’s net worth stabilized around $28 billion and has steadily increased since, fueled by growth across his cement and refining ventures. RELATED CONTENT: Aliko Dangote-Backed Firm Acquires Kenya’s Oldest Tour Operator, Betting On Tourism Growth View Comments
Volatus Aerospace and ARCO Worldwide Services Establish Landmark Partnership to Deliver Drone Training in Nigeria
VAUGHAN, Ontario, Oct. 15, 2025 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV: FLT | OTCQB: TAKOF | FSE: A3DP5Y) is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with ARCO Worldwide Services Limited (“AWS”), a subsidiary of ARCO Group Plc., to collaborate on the delivery of professional drone training programs in Nigeria through ARCO Aviation Academy (AAA). Under the agreement, Volatus Aerospace will provide its Volatus Academy curriculum, training materials, and instructor programs for local delivery by ARCO Aviation Academy under a white-label and co-branded framework. The collaboration aims to align Nigeria’s emerging drone pilot training programs with international standards, ICAO and SORA, while ensuring full compliance with the Nigerian Civil Aviation Authority (NCAA). AAA, an NCAA-approved aviation organization, currently offers foundational RPAS courses and seeks to expand into advanced and specialized training including thermography, LiDAR, and BVLOS operations for industry, defense, public safety, and first responders. “This collaboration marks an important milestone in our mission to expand safe, professional drone operations worldwide,” said Glen Lynch, CEO of Volatus Aerospace Inc. “By partnering with ARCO Aviation Academy, we’re helping to accelerate local workforce development and strengthen Nigeria’s position as a leader in the West African drone industry.” Okosubide Mozimo, Managing Director of ARCO Worldwide Services, added: “This partnership brings globally recognized drone training programs to Nigeria for the first time. Together with Volatus, we will empower a new generation of certified drone professionals and enhance safety, compliance, and innovation across the sector.” The agreement establishes a three-year framework for cooperation that includes localized curriculum delivery, instructor training, and ongoing quality assurance. Initial programs are expected to begin rolling out in Q4 2025. About Volatus Aerospace Volatus Aerospace is a leader in innovative global aerial solutions for intelligence and cargo. With deep technological and subject matter expertise and over 100 years' worth of combined institutional knowledge in aviation, Volatus provides meaningful aerial solutions for end users across various industries using both piloted and remotely piloted aircraft systems (RPAS or drones). We are committed to enhancing operational efficiency, safety, and sustainability through innovative, real-world aerial solutions. About ARCO Worldwide Services and ARCO Aviation Academy ARCO Worldwide Services Limited (AWS) is a subsidiary of ARCO Group Plc., a diversified indigenous Nigerian company serving the energy and industrial sectors. Its subsidiary, ARCO Aviation Academy (AAA), is an NCAA-approved aviation organization licensed for RPAS pilot instruction and advanced aviation training programs. Forward-Looking Information This news release contains statements that constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs, and current expectations of the Company with respect to future business activities and operating performance. Often, but not always, forward-looking information and forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the foregoing) be taken, occur, be achieved, or come to pass. Forward-looking information includes information regarding: (i) the anticipated benefits of, and estimated revenue to be generated by, the master service agreement; (ii) the business plans and expectations of the Company; and (iii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial, and economic data and operating plans, strategies, or beliefs of management as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information and forward-looking statements reflect the Company's current beliefs and is based on information currently available to it and on assumptions it believes to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: the anticipated benefits and revenues of the master service agreement to the Company; the commercialization of drone flights beyond visual line of sight and potential benefits to the Company; meeting the continued listing requirements of the TSXV; and including, but not limited to, those factors set forth in the Company's Annual Information Form under the section "Risk Factors". Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release. TSXV: FLT Contact: Investor Relations | investorrelations@volatusaerospace.com (TSXV: FLT | OTCQB: TAKOF | FSE: A3DP5Y)
Volatus Aerospace et ARCO Worldwide Services concluent un partenariat historique pour offrir une formation sur les drones au Nigéria
VAUGHAN, Ontario, 15 oct. 2025 (GLOBE NEWSWIRE) -- Volatus Aerospace Inc. (TSXV : FLT | OTCQB : TAKOF | FSE : A3DP5Y) est heureuse d’annoncer la signature d’un protocole d’entente (« MOU ») avec ARCO Worldwide Services Limited (« AWS »), une filiale de ARCO Group Plc., afin de collaborer à la prestation de programmes de formation professionnelle sur les drones au Nigéria par l’intermédiaire de ARCO Aviation Academy (AAA). Dans le cadre de cet accord, Volatus Aerospace fournira le programme d’études, le matériel de formation et les programmes de formation des instructeurs de l’Académie Volatus pour une prestation locale par ARCO Aviation Academy, selon un modèle à étiquette blanche et de co-marque. Cette collaboration vise à harmoniser les programmes de formation des pilotes de drones émergents du Nigéria avec les normes internationales, l’OACI et le SORA, tout en assurant une conformité complète avec la Nigerian Civil Aviation Authority (NCAA). AAA, une organisation aéronautique approuvée par la NCAA, offre actuellement des cours de base sur les systèmes d’aéronefs télépilotés (RPAS) et cherche à se développer vers des formations avancées et spécialisées, notamment en thermographie, en LiDAR et en opérations BVLOS, à l’intention des secteurs industriel, de la défense, de la sécurité publique et des premiers répondants. « Cette collaboration marque une étape importante dans notre mission visant à élargir les opérations de drones professionnelles et sécuritaires à l’échelle mondiale », a déclaré Glen Lynch, chef de la direction de Volatus Aerospace Inc. « En nous associant à ARCO Aviation Academy, nous contribuons à accélérer le développement de la main-d’œuvre locale et à renforcer la position du Nigéria en tant que chef de file de l’industrie des drones en Afrique de l’Ouest. » Okosubide Mozimo, directeur général de ARCO Worldwide Services, a ajouté : « Ce partenariat introduit pour la première fois au Nigéria des programmes de formation sur les drones reconnus à l’échelle mondiale. Ensemble avec Volatus, nous habiliterons une nouvelle génération de professionnels certifiés des drones et renforcerons la sécurité, la conformité et l’innovation dans l’ensemble du secteur. » L’accord établit un cadre de coopération de trois ans comprenant la prestation localisée des programmes, la formation des instructeurs et l’assurance qualité continue. Les premiers programmes devraient être déployés au quatrième trimestre de 2025. À propos de Volatus Aerospace : Volatus Aerospace est un leader dans les solutions aériennes globales innovantes pour l'intelligence et le transport de marchandises. Grâce à une expertise technologique approfondie et à plus de 100 ans de savoir-faire combiné dans l'aviation, Volatus fournit des solutions aériennes significatives pour des utilisateurs finaux dans divers secteurs en utilisant à la fois des systèmes d'aéronefs pilotés et télépilotés (RPAS ou drones). Nous nous engageons à améliorer l'efficacité opérationnelle, la sécurité et la durabilité grâce à des solutions aériennes innovantes et concrètes. À propos de ARCO Worldwide Services et de ARCO Aviation Academy ARCO Worldwide Services Limited (AWS) est une filiale de ARCO Group Plc., une entreprise nigériane diversifiée et indigène qui dessert les secteurs de l’énergie et de l’industrie. Sa filiale, ARCO Aviation Academy (AAA), est une organisation aéronautique approuvée par la NCAA et autorisée à offrir des formations de pilotes de systèmes d’aéronefs télépilotés (RPAS) ainsi que des programmes de formation aéronautique avancée. Information prospective Le présent communiqué de presse contient des énoncés qui constituent de l'« information prospective » et des « énoncés prospectifs » au sens des lois sur les valeurs mobilières applicables, y compris des énoncés concernant les plans, les intentions, les croyances et les attentes actuelles de la Société à l’égard des activités commerciales futures et de la performance opérationnelle. Souvent, mais pas toujours, l’information prospective et les énoncés prospectifs peuvent être identifiés par l’utilisation de mots tels que « planifie », « s’attend à », « est prévu », « budget », « prévu », « estime », « prévisions », « a l’intention de », « anticipe » ou « croit » ou des variations (y compris des variations négatives) de ces mots et expressions, ou des déclarations formées au futur ou indiquant que certaines actions, événements ou résultats « peuvent », « pourrait », « serait », « pourrait » ou « sera » (ou d’autres variantes de ce qui précède) être pris, se produire, être atteint ou se réaliser. L’information prospective comprend de l’information concernant : (i) les avantages prévus de l’accord-cadre de service et les revenus estimatifs qui en découlent ; (ii) les plans d’affaires et les attentes de la Société ; et (iii) les attentes à l’égard d’autres facteurs économiques, commerciaux et/ou concurrentiels. L’information prospective est fondée sur les données concurrentielles, financières et économiques actuellement disponibles ainsi que sur les plans, les stratégies ou les croyances de la direction en date du présent communiqué de presse, mais elle comporte des risques connus et inconnus, des incertitudes, des hypothèses et d’autres facteurs qui pourraient faire en sorte que les résultats, le rendement ou les réalisations réels de la Société soient sensiblement différents des résultats futurs, le rendement ou les réalisations exprimés ou sous-entendus dans l’information prospective. Ces facteurs peuvent être basés sur les informations actuellement à la disposition de la Société, y compris les informations obtenues auprès d’analystes tiers de l’industrie et d’autres sources tierces, et sont basés sur les attentes ou les croyances actuelles de la direction. Toutes les informations prospectives contenues dans ce communiqué de presse sont expressément qualifiées par cette mise en garde. Les investisseurs sont avertis que l’information prospective n’est pas fondée sur des faits historiques, mais qu’elle reflète plutôt des attentes, des estimations ou des projections concernant des résultats ou des événements futurs fondés sur les opinions, les hypothèses et les estimations de la direction jugées raisonnables à la date les déclarations sont faites. L’information prospective et les énoncés prospectifs reflètent les convictions actuelles de la Société et sont fondés sur l’information dont elle dispose actuellement et sur des hypothèses qu’elle juge non déraisonnables compte tenu de toutes les circonstances. Dans certains cas, des facteurs ou des hypothèses importants sont abordés dans le présent communiqué de presse en lien avec les énoncés contenant de l’information prospective. Ces facteurs et hypothèses importants comprennent, sans toutefois s’y limiter : les avantages et les revenus prévus de l’entente-cadre de service avec la Société ; la commercialisation des vols de drones au-delà de la ligne de visée visuelle et des avantages potentiels pour la Société; satisfaire aux exigences d’inscription continue de la TSXV; et y compris, mais sans s’y limiter, les facteurs énoncés dans la notice annuelle de la Société sous la section « Facteurs de risque ». Bien que la Société ait tenté d’identifier les facteurs importants qui pourraient faire en sorte que les actions, événements ou résultats réels diffèrent sensiblement de ceux décrits dans l’information prospective, il peut y avoir d’autres facteurs qui font en sorte que les actions, événements ou résultats diffèrent de ceux anticipés, estimés ou prévus. L’information prospective contenue dans les présentes est faite à la date du présent communiqué de presse et, sauf si la loi l’exige, la Société décline toute obligation de mettre à jour toute information prospective, que ce soit à la suite de nouvelles informations, d’événements ou de résultats futurs ou autrement. Rien ne garantit que l’information prospective s’avère exacte, car les résultats réels et les événements futurs pourraient différer sensiblement de ceux anticipés dans ces énoncés. Par conséquent, les lecteurs ne devraient pas se fier indûment à l’information prospective. La TSXV et son fournisseur de services de réglementation (au sens donné à ce terme dans les politiques de la TSXV) n’assument aucune responsabilité quant à la pertinence ou à l’exactitude du présent communiqué. Source : Volatus Aerospace Corp. TSXV: FLT.V Personne-ressource : Relations avec les investisseurs | investorrelations@volatusaerospace.com Site Web de l’entreprise https://volatusaerospace.com
Italy and Nigeria Join GPE in Launching Ambitious $5B Campaign to Transform Learning for 750 Million Children
NEW YORK, Sept. 24, 2025 (GLOBE NEWSWIRE) -- Today, Italy and Nigeria, together with the Board Chair of the Global Partnership for Education (GPE), kicked off GPE’s 2026–2030 financing campaign at the United Nations General Assembly to turn the tide on the learning crisis. With more than $50 million already pledged from sovereign donors, foundations and philanthropists, GPE's “Multiply Possibility” campaign aims to mobilize $5 billion and unlock an additional $10 billion to transform learning for 750 million children. The campaign will also help countries grow their own domestic education budgets, driving a shift toward sustainable, nationally led education financing. Education is one of the smartest investments a country can make, and a multiplier that accelerates progress across all development goals - from health and equality to climate action and economic growth. Over the past four decades, education has contributed to half of global economic growth and 40% of global extreme poverty reduction. The financing campaign comes at a pivotal moment. The largest generation of young people in history is coming of age. By 2040, nearly 900 million young people across 91 current GPE partner countries will enter the workforce. This represents an unprecedented opportunity - a quality education can equip these young learners with the knowledge and skills they will need to drive global growth, stability, and innovation. Yet more than 270 million children remain out of school, two thirds of whom are in GPE partner countries. Almost 90% of 10-year-old children in low-income countries cannot read and understand a simple text. Education is a powerful driver of peace. One extra year of education can reduce the risk of conflict by up to 20 percent, with particularly powerful effects when girls and women learn equally. Quality learning helps tackle the drivers of violence, build resilience to extremism, and foster more cohesive, equal, and stable societies. A fully funded GPE would have transformative effects. $5 billion directed to education through GPE would catalyze better education resulting in: $840 billion added to the global economy,23 million people lifted out of poverty,$7.7 billion saved in climate-related damage,204 million more children in school, half of them girls.105 million children learning better. These gains deliver returns that boost productivity, widen tax bases and create fiscal space for countries to reinvest in public services and build resilience to shocks. GPE is making this possible by driving a fundamental shift in how education is financed - away from fragmented projects and toward longterm, nationally led investment that strengthens and sustains public education systems. Quotes President Bola Tinubu of Nigeria: “We have a unique opportunity to equip a new generation with the tools to shape an Africa that leads, not follows, in the 21st century. This demands vision, determination, and investment. Quality education is the pathway to inclusive growth and lasting peace. By funding the Global Partnership for Education, we empower dynamic and youthful nations like Nigeria to break down the barriers that keep our children, especially our girls, out of school and away from learning so they can achieve their full potential. GPE's mission aligns with ours, to transform education systems and unlock national development, and shared prosperity. Our future begins in the classroom. International cooperation and strong investment in education are essential to ensure every child can attend school and societies can thrive. Support GPE. Multiply Possibilities. Fund Education.” Prime Minister Giorgia Meloni of Italy: “Along with our African partners we are developing the building blocks of a new joint educational effort towards our common future. Education, vocational training and digitalization are essential components in many of the initiatives of Italy’s Mattei Plan for Africa. Our projects all share a specific focus on enhancing the potential of the young generations, thus creating opportunities for future economic growth. Fostering the human capital of the youngest lays the foundations of strong communities and the institutions of tomorrow. Italy is very pleased to partner with Nigeria in making sure that education represents a powerful driver of socio-economic and human development of nations.” GPE Board Chair and former President of the United Republic of Tanzania, Jakaya Kikwete: “Education fuels jobs, resilience, and peace. Education systems do not just need a boost—they need transformative change. An investment of $5 billion in GPE will leverage partnerships and financing to help nearly 750 million children get a better education and break intergenerational cycles of poverty, fragility and inequality. By investing now, we multiply possibility for an entire generation. We equip young people with the skills to survive and thrive, and build more resilient, peaceful societies and economies. The choice is clear: support GPE and multiply possibility for every child, and for all of us.” Notes to editors Launch event webcast Date/Time: 24 September 2024, 1:15–2:30 pm Location: Conference Room 3, UN Headquarters Livestream: UN Web TV GPE B-roll: Here Read the GPE Case for Investment here Initial pledges to the campaign total over $50 million, with commitments from: JBJ Foundation, Inherent Foundation, and Dovetail Impact Foundation,Jannik Sinner Foundation, Ms. Duong, Vice Chairwoman and CEO of KN Holdings. For more information: Tamara Kummer, GPE Head of Communications tkummer@globalpartnership.org Tel: +1 202 948 5395 About the Global Partnership for Education GPE is a shared commitment to ending the world’s learning crisis. We mobilize partners and funds to support over 90 countries to transform their education systems so that every girl and boy can get the quality education they need to unlock their full potential and contribute to building a better world. www.globalpartnership.org A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b68e170e-5fb3-4d88-a542-860e6b9912fc
Procter & Gamble restructuring plans: Buyouts, brand sales and a CEO shakeup
Looking to reinvigorate growth, Procter & Gamble has vowed to slim down, cutting 7,000 jobs by mid-2027. Here's what might happen. A closer look at the Cincinnati-based consumer giant’s disclosures and its past restructuring offer insights into where it's eyeing cuts, the pressures to get leaner, and the hazards it might face if its sales don’t bounce back.Dawn dishwashing liquid, a brand owned by Procter & Gamble, is seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. The last time P&G did a major restructuring, most of the jobs reductions were buyouts. Likely targets: Generation X, those born between 1965 and 1980. So far, P&G has indicated it wants to make trims. Its last round of cuts started small but then got deeper after earlier rounds failed to achieve a turnaround. Further change will likely occur at the top with a new incoming CEO and other management shifts. The company said some brands might go, but it's not clear how many or which ones. Here’s what to look out for: Recap: What P&G has revealed so far P&G first announced plans to cut jobs on June 5 at an investor conference in Paris after more than a year of posting declining sales growth. The cuts represent 6.4% of the Cincinnati-based consumer giant’s 109,000 employees worldwide. The specter of pending job cuts weighs heavily on its hometown, where it employs 10,000 people, mostly office workers who are the target of the planned reductions. It’s not difficult to see why P&G is cutting jobs: Slowing sales create enormous pressure for P&G. In the past, the company was targeted by activist hedge fund investors who demanded cost cuts, brand divestures and even floated breaking the company apart to jumpstart growth. A key metric called organic sales (which excludes the impact of foreign exchange and mergers and acquisitions) has grown a meager 1% or 2% per quarter since the spring of 2024. Sales have slid as consumers cut back spending amid lingering worldwide inflation and Trump’s trade war in 2025. In June, P&G said it had a plan: it was confident it could accelerate sales with new product innovations in its pipeline but would need to find money from cuts to invest in them. “The need to accelerate investment in growth accelerated the need on productivity,” incoming CEO Shailesh Jejurikar, told investors.Shailesh Jejurikar, P&G's next CEO starting 2026. So far, P&G has disclosed the cuts will target “nonmanufacturing roles,” sparing workers in the company’s 99 factories worldwide, including 24 in the U.S. But the company said it will reduce jobs outside of plants by 15%. P&G said the cuts would include cutting back some product offerings and possibly even selling off brands. But in its July update, P&G only disclosed that included narrowing the variety of its feminine pads in Asia and trim some overseas product offerings for the company's Oral Care, Fabric Care and Grooming businesses. Story Continues Remembering the last time P&G restructured June’s announcement recalls the last time P&G announced a major restructuring at an investment conference in Boca Raton, Florida in February of 2012. At that conference, P&G officials announced plans to cut 5,700 workers or a little more than 4% of 129,000 employees. But P&G’s plans underwhelmed at least one investor: Pershing Square Capital head, Bill Ackman, who months later acquired nearly $3 billion worth of the company stock, decried P&G as “bloated” and demanded bigger changes.Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, California, U.S., October 17, 2017. A supporter of President Donald Trump, Ackman is warning of an "economic nuclear winter" if he goes ahead with tariffs. After months of maneuvering, then-CEO Bob McDonald retired in the spring of 2013 and P&G brought back his predecessor, A.G. Lafley, to make sweeping cuts. In 2014, Lafley announced a succession of major brand divestitures: Iams pet food, Duracell batteries and in 2015, more than 40 beauty brands that were spun off into another company. When sales didn't bounce back, P&G cut deeper Still, P&G continued to cut as its sales struggled to improve. In 2017, Nelson Peltz, the head of Trian Partners, decried P&G's "suffocating bureaucracy" before leading one of the biggest proxy fights in corporate history, demanding cuts and a “flatter” organization with fewer management layers. The company shed thousands more jobs, down to 92,000, becoming the slimmest since at least the early 1990s. The company ultimately cut 37,000 jobs from buyouts and divestitures between 2011 and 2018.Trian Partners CEO Nelson Peltz, right, and other attendees walk into the Procter & Gamble headquarters for the annual shareholders meeting on Oct. 10, 2017, in Cincinnati. Peltz is seeking a board seat at Procter & Gamble after the company rejected his request for one after months of meetings. Mostly buyouts? Generation X will get the axe A closer look at P&G’s previous restructuring during the 2010s reveals that nearly two-thirds of job reductions were buyouts: money paid to employees to leave voluntarily. As is typical, the offers were based on salary and service period. The company spent more than $2.5 billion to say goodbye to nearly 22,000 workers for an average of more than $110,000 per employee. Could P&G achieve the 7,000 job cuts it’s seeking mostly through buyouts? Its last round of restructuring suggests it’s possible: the more than 20,000 workers got paid to leave the company over seven years, about 3,000 a year. Workers born between 1965 and 1980, employees from Generation X, who are aged 45 to 60, will be prime candidates for buyouts because they’re higher paid and closer to retirement.International flags fly outside of Procter & Gamble's downtown Cincinnati offices on Thursday, March 27, 2025. P&G looks at its markets, products and brands P&G has raised the possibility of selling off brands, but so far stuck with trimming products or “simplifying the portfolio” as current CEO and chairman Jon Moeller described it. Specifically, the CEO noted P&G is reviewing individual markets and considering exiting “some categories, brands and product forms.” That indicates P&G is looking at its map of countries with sluggish or disappointing sales. International markets will likely be heavily scrutinized for cuts, since P&G revealed its core markets of the U.S., China, Japan, Canada and Western Europe saw organic sales growth of 2% last year versus “enterprise markets” lagged growing just 1%. P&G has exited whole countries before: last year it shut down operations in Argentina and Nigeria in 2023. Also getting a close look: P&G’s brands and categories with the slowest sales. When P&G announced the cuts, it noted disclosed organic sales performance by all 10 product categories for the first nine months of the 2025 fiscal year. Among the categories where P&G is seeing stalled growth were: its baby care business (which sell Pampers diapers), which saw sales slide 2%; its skin & personal care unit (deodorants, soap and moisturizer) had flat sales. Could brands get sold off? So will P&G’s cuts lead to selling a household brand? While P&G has chopped big brands from its roster in the past, not all divestitures are flashy or affect the company's worldwide customer base. In June, P&G officials alluded to the company's previous sale of its Vidal Sassoon business in China in 2024 as an example of a smaller-scale divestiture. For now, analysts are waiting for more details before making any predictions. In a July 29 note to investors, Morningstar analyst Erin Lash characterized P&G's restructuring as “surgical.” “P&G disclosed its intentions to surgically rationalize select areas of its product/geographic mix … and alter the makeup of its organizational structure,” Lash wrote. “We view each of these efforts as an opportunity to enhance its focus.”International flags fly outside of Procter & Gamble's downtown Cincinnati offices in March. There will be a leadership shuffle as talent at all levels depart P&G’s missing expected specifics on its restructuring were overshadowed in late July by the announcement a day before of the company’s succession plans for the CEO. P&G said its next No. 1 executive would be its current No. 2: Shailesh Jejurikar, 58. He starts in January. But when P&G names a new CEO, the company inevitably sees an exodus of senior executives, many near retirement age, whose prospects of nabbing the top job may have dimmed.The Procter & Gamble world headquarters in downtown Cincinnatiin June. Sure enough, on Aug. 12, Alexandra Keith, 57, the CEO of P&G’s beauty business – and once a potential future leader of the whole company, announced her retirement in early 2026. Freddy Bharucha, the current president of the personal care division within beauty, has been tapped to succeed her. More retirements among P&G’s top executives could be on the way soon. This article originally appeared on Cincinnati Enquirer: Procter & Gamble restructuring explained: See what's being cut View Comments
DIDWW strengthens SIP trunking footprint across Europe, Latin America, and Africa
DUBLIN, Sept. 09, 2025 (GLOBE NEWSWIRE) -- DIDWW, a global telecom provider of fully compliant phone numbers and premium-quality voice and SMS services, has expanded its SIP trunking coverage to include local call termination in Malta, Cyprus, Ecuador, Costa Rica and Nigeria. With these new additions, DIDWW now offers local call termination in 55 countries, ensuring robust telco solutions in regions where high-quality telephony is essential for business growth. With this latest expansion of its SIP trunking coverage, DIDWW continues to equip businesses with scalable, enterprise-grade voice solutions delivered over a private, global IP network. This highly reliable service offers an efficient alternative to traditional telephony, providing unlimited call capacity, exceptional voice clarity, and flexible, easy-to-configure SIP trunk settings. Unlocking new opportunities for organizations across Malta, Cyprus, Ecuador, Costa Rica and Nigeria, DIDWW’s local calling service enables seamless two-way connectivity and helps businesses maintain a strong competitive edge. Additionally, the carrier's SIP trunking solution guarantees high-quality audio and delivers a range of valuable features, including emergency calling capabilities in selected regions. The versatile configuration options included in this service allow businesses to easily customize their communication setups to meet even the most challenging requirements. To further streamline operations, DIDWW provides a user-friendly online portal that simplifies the management of outbound SIP trunks, establishing the telco as the premier choice for reliable two-way calling, worldwide. Tadas Urbietis, Carrier Relations Manager at DIDWW, said, "We are pleased to extend our SIP trunking services to five new countries across Europe, Latin America, and Africa. This growth reflects our commitment to supporting diverse markets with robust and innovative voice solutions. As we continue to scale, we are empowering businesses of all sizes to strengthen both their local presence and global communications through secure and reliable VoIP technology." About DIDWW DIDWW is a licensed telecom operator specializing in fully compliant phone numbers, voice and messaging services across 90+ countries. The company is continuously expanding its coverage and currently holds telecom licenses in 30 countries, with its own numbering resources in 18 of those regions. The company’s innovative cloud PBX solution, phone.systems™, enables businesses to create streamlined communication systems. Enhanced with AI-driven tools, seamless CRM integrations, and multiplatform apps for Windows, iOS, macOS, and Android, phone.systems™ delivers an unparalleled user experience. DIDWW also employs automated quality and abuse monitoring, all supported by a professional, in-house customer support team available 24/7/365. For more information, visit https://www.didww.com/. Press Contact: Vilija Simkiene Marketing Department vilija.s@didww.com +1 (212) 461 1854 www.didww.com A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ffff341e-c17f-41ca-a69a-8700ba5448e2
Beverage Carton Packaging Machinery Market 2025-2030: Shift to Renewable and Biodegradable Carton Materials Requiring Specialized Packaging Machinery Presents Lucrative Opportunities
Dublin, Aug. 20, 2025 (GLOBE NEWSWIRE) -- The "Beverage Carton Packaging Machinery Market by Application (Dairy Products, Juice, Milk), Packaging Technology (Aseptic, Non Aseptic), Machine Type, Material Type, Automation Level, Speed, End User - Global Forecast 2025-2030" report has been added to ResearchAndMarkets.com's offering. The beverage carton packaging machinery market is undergoing rapid transformation as sustainability pressures, automation adoption, and regulatory changes drive new operational priorities for global producers and equipment suppliers. Industry leaders and decision-makers must adapt promptly to capture growth, manage risks, and deliver efficient, compliant packaging solutions that align with evolving consumer expectations. Market Snapshot: Beverage Carton Packaging Machinery In the latest assessment, the beverage carton packaging machinery market grew from USD 1.18 billion in 2024 to USD 1.24 billion in 2025. Driven by strong demand for sustainable and automated packaging equipment, the sector is forecast to advance at a CAGR of 5.63%, reaching USD 1.64 billion by 2030. This steady expansion is underpinned by consumer demands for convenience, stricter food safety laws, and technological enhancements across end markets. Scope & Segmentation of the Beverage Carton Packaging Machinery Market Applications: Equipment supporting dairy products (flavored milk and yogurt drinks), juices (fruit and vegetable), and milk processing (pasteurized and UHT varieties).Packaging Technologies: Both aseptic (high temperature short time, ultra high temperature) and non-aseptic (ambient, refrigerated) processes are included.Machine Types: Solutions encompassing capping, carton loading and unloading, horizontal and vertical form fill seal, and advanced sterilization featuring chemical or thermal techniques.Material Types: Composite (laminate and multilayer), paperboard (recycled, virgin), and plastics (HDPE, PET) configurations are addressed.Automation Levels: Fully automatic systems (PLC controlled and robotic), as well as manual and semi-automatic machinery, cater to diverse operational needs.Speed Categories: High, medium, and low-speed machines allow for flexibility across varying production volumes.End User Profiles: Solutions are tailored for large-scale producers, contract packagers, in-house operations, and small-scale enterprises seeking compact equipment.Regional Coverage: In-depth analysis for Americas (including United States, Canada, Brazil, and others), Europe, Middle East & Africa (covering major economies and emerging territories), and Asia-Pacific (China, India, Japan, and key Southeast Asian countries).Leading Companies: Competitive analysis of providers such as Tetra Pak International S.A., SIG Group AG, Elopak AS, Krones AG, GEA Group Aktiengesellschaft, KHS GmbH, Syntegon Technology GmbH, IMA Dairy & Food S.p.A., Serac Group SAS, and MULTIVAC Sepp Haggenmuller SE & Co. KG. Key Takeaways Consumer demand for lighter, recyclable packaging is directing material R&D priorities, prompting manufacturers to enhance compatibility with new paperboard and polymer substrates.Sustainable manufacturing strategies are shifting toward renewable energy utilization, supported by regulatory pressures and growing environmental targets across developed and emerging economies.Industry 4.0 and digitalization initiatives are enabling real-time performance monitoring, predictive maintenance, and seamless enterprise integration, resulting in greater process efficiency and transparency.Automation and robotics, including advanced vision systems and modular platforms, are reducing labor requirements and optimizing throughput for varied production cycles and product launches.Collaborative supplier and fabrication networks are emerging as essential for managing raw material cost volatility and shortening equipment delivery timelines, particularly under jurisdictional disruptions. Impact of 2025 United States Tariffs The 2025 US tariffs on machinery components and raw materials have intensified cost management challenges for original equipment manufacturers and producers. Strategic responses include localizing supply chains, optimizing material usage, and establishing contractual partnerships with regional suppliers to maintain competitive pricing. This environment places pressure on small and medium-sized businesses, making agility and supply chain resilience crucial for ongoing market participation. Methodology & Data Sources This report combines insights from direct interviews with key supply chain stakeholders, including equipment manufacturers and plant managers, alongside comprehensive reviews of technical journals, regulatory filings, patent databases, and industry whitepapers. Data triangulation and benchmarking further strengthen the accuracy of segmentation and trend analyses. Beverage Carton Packaging Machinery Market: Why This Report Matters Enables leaders to benchmark their strategies against evolving industry standards and regulatory requirements for both sustainability and automation.Delivers actionable segmentation and technology-specific guidance, supporting capital allocation and operational planning across diverse end uses and regions. Key Attributes Report AttributeDetailsNo. of Pages182Forecast Period2025-2030Estimated Market Value (USD) in 2025$1.24 BillionForecasted Market Value (USD) by 2030$1.64 BillionCompound Annual Growth Rate5.6%Regions CoveredGlobal Key Topics Covered 1. Preface 1.1. Objectives of the Study 1.2. Market Segmentation & Coverage 1.3. Years Considered for the Study 1.4. Currency & Pricing 1.5. Language 1.6. Stakeholders 2. Research Methodology 2.1. Define: Research Objective 2.2. Determine: Research Design 2.3. Prepare: Research Instrument 2.4. Collect: Data Source 2.5. Analyze: Data Interpretation 2.6. Formulate: Data Verification 2.7. Publish: Research Report 2.8. Repeat: Report Update 3. Executive Summary 4. Market Overview 4.1. Introduction 4.2. Market Sizing & Forecasting 5. Market Dynamics 5.1. Adoption of digital twin technology for real-time carton packaging line optimization 5.2. Integration of AI-powered vision inspection systems to minimize defects in beverage cartons 5.3. Implementation of aseptic high-speed filling modules to extend shelf life of sensitive beverages 5.4. Shift to renewable and biodegradable carton materials requiring specialized packaging machinery 5.5. Deployment of modular packaging line architectures for rapid product changeovers and flexibility 5.6. Incorporation of servo-driven energy-efficient carton erectors to lower overall production costs 5.7. Integration of Industry 4.0 analytics platforms for comprehensive machinery performance insights 5.8. Adoption of collaborative robotics for customizable case and carton packing operations 5.9. Upgrading packaging machinery to meet stringent global food safety and hygiene regulatory requirements 5.10. Design of ultra-compact packaging equipment footprints for urban micro-facility deployments 6. Market Insights 6.1. Porter's Five Forces Analysis 6.2. PESTLE Analysis 7. Cumulative Impact of United States Tariffs 2025 8. Beverage Carton Packaging Machinery Market, by Application 8.1. Introduction 8.2. Dairy Products 8.2.1. Flavored Milk 8.2.2. Yogurt Drinks 8.3. Juice 8.3.1. Fruit Juice 8.3.2. Vegetable Juice 8.4. Milk 8.4.1. Pasteurized Milk 8.4.2. UHT Milk 9. Beverage Carton Packaging Machinery Market, by Packaging Technology 9.1. Introduction 9.2. Aseptic 9.2.1. High Temperature Short Time 9.2.2. Ultra High Temperature 9.3. Non Aseptic 9.3.1. Ambient 9.3.2. Refrigerated 10. Beverage Carton Packaging Machinery Market, by Machine Type 10.1. Introduction 10.2. Capping 10.3. Carton Loading Unloading 10.4. Form Fill Seal 10.4.1. Horizontal Form Fill Seal 10.4.2. Vertical Form Fill Seal 10.5. Sterilization 10.5.1. Chemical Sterilization 10.5.2. Thermal Sterilization 11. Beverage Carton Packaging Machinery Market, by Material Type 11.1. Introduction 11.2. Composite 11.2.1. Laminate 11.2.2. Multilayer 11.3. Paperboard 11.3.1. Recycled Paperboard 11.3.2. Virgin Paperboard 11.4. Plastic 11.4.1. HDPE 11.4.2. PET 12. Beverage Carton Packaging Machinery Market, by Automation Level 12.1. Introduction 12.2. Fully Automatic 12.2.1. PLC Controlled 12.2.2. Robotic 12.3. Manual 12.4. Semi Automatic 13. Beverage Carton Packaging Machinery Market, by Speed 13.1. Introduction 13.2. High Speed 13.3. Low Speed 13.4. Medium Speed 14. Beverage Carton Packaging Machinery Market, by End User 14.1. Introduction 14.2. Large Scale Producers 14.2.1. Contract Packagers 14.2.2. In House Packaging 14.3. Small Scale Producers 15. Americas Beverage Carton Packaging Machinery Market 15.1. Introduction 15.2. United States 15.3. Canada 15.4. Mexico 15.5. Brazil 15.6. Argentina 16. Europe, Middle East & Africa Beverage Carton Packaging Machinery Market 16.1. Introduction 16.2. United Kingdom 16.3. Germany 16.4. France 16.5. Russia 16.6. Italy 16.7. Spain 16.8. United Arab Emirates 16.9. Saudi Arabia 16.10. South Africa 16.11. Denmark 16.12. Netherlands 16.13. Qatar 16.14. Finland 16.15. Sweden 16.16. Nigeria 16.17. Egypt 16.18. Turkey 16.19. Israel 16.20. Norway 16.21. Poland 16.22. Switzerland 17. Asia-Pacific Beverage Carton Packaging Machinery Market 17.1. Introduction 17.2. China 17.3. India 17.4. Japan 17.5. Australia 17.6. South Korea 17.7. Indonesia 17.8. Thailand 17.9. Philippines 17.10. Malaysia 17.11. Singapore 17.12. Vietnam 17.13. Taiwan 18. Competitive Landscape 18.1. Market Share Analysis, 2024 18.2. FPNV Positioning Matrix, 2024 18.3. Competitive Analysis The major companies profiled in this Beverage Carton Packaging Machinery market report include: Tetra Pak International S.A.SIG Group AGElopak ASKrones AGGEA Group AktiengesellschaftKHS GmbHSyntegon Technology GmbHIMA Dairy & Food S.p.A.Serac Group SASMULTIVAC Sepp Haggenmuller SE & Co. KG For more information about this report visit https://www.researchandmarkets.com/r/8l9t57 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Easy Environmental Solutions Launches Terreplenish Trials in Tanzania, Opening Door to Multi-Unit Deployment
MANKATO, Minn., Aug. 20, 2025 (GLOBE NEWSWIRE) -- Digital Utilities Ventures, Inc. (OTC: DUTV), operating as Easy Environmental Solutions Inc., today announced a strategic collaboration with the Tanzania Fertilizer Regulatory Authority (TFRA) to advance deployment of EasyFEN™ waste-to-fertilizer units across the country. Each EasyFEN™ unit is designed to transform agricultural waste into Terreplenish®, a proprietary organic microbial fertilizer, while supporting local manufacturing, food security, and agricultural independence. The initiative was reinforced during a high-level meeting in Nairobi between Bakry Osman, Director for Africa & the Middle East at Easy Environmental Solutions, and TFRA leadership, including Director Joel Laurent and Northern Zones Director Mr. Rwegoshora. The meeting also marked the launch of Terreplenish® lab and field trials in Tanzania, a milestone following earlier discussions with H.E. Hussein Mohamed Bashy, Tanzania’s Minister of Agriculture. From left to right: Mr. Rwegoshora, Mr. Laurent, Director of TFRA, Director of the Northern Zones at TFRA, Mr. Osman, Director for Africa and the Middle East at EES, and Ms. Kneale. Executive assistant for the Africa office The collaboration focuses on the potential of deployment of multiple EasyFEN™ Units throughout Tanzania to locally produce high-quality, affordable organic fertilizer at scale. By converting agricultural waste into Terreplenish®, EasyFEN™ technology offers farmers a local, sustainable alternative to imported synthetic fertilizers, reducing costs, restoring soil health, and building resilience against drought and climate pressures. Easy Environmental Solutions’ engagement in Tanzania is part of a broader pan-African roadmap that includes building partnerships with governments, regulators, and agricultural stakeholders across more than ten countries, including Egypt, Uganda, Rwanda, South Africa, The Gambia, Nigeria, Ghana, Malawi, Botswana, Angola, and Zambia. This September, Easy Environmental Solutions will showcase its portfolio of sustainable agriculture and clean water technologies at the 37th Sahara International Agricultural Exhibition in Cairo, the largest agricultural exposition in the Middle East, engaging directly with policymakers, investors, and industry leaders. “We are thrilled to be entering the Tanzanian market, which holds immense potential for agricultural transformation,” said Bakry Osman, Director for Africa & the middle east at Easy Environmental Solutions. “The Ministry of Agriculture and TFRA have demonstrated exceptional vision and forward-thinking collaboration. Our immediate focus is Terreplenish®, enabling Tanzania to strengthen its soils and reduce reliance on imported fertilizer. At the same time, we continue to expand our broader technology portfolio, including innovations like Nano Void for clean water, to deliver lasting value across the continent.” A Tanzanian woman working in her maize field Turning Waste into Wealth Each EasyFEN™ Unit processes up to 17,500 tons of organic waste annually, producing over 2.7 million gallons of Terreplenish®. With just two gallons of Terreplenish® per acre, farmers gain 45–60 lbs. of nitrogen and 15–20 lbs. of phosphorus, allowing each unit to treat 1.35 million acres (≈546,000 hectares) of farmland annually. Terreplenish®, validated by more than 100 independent studies and over a decade of field data, not only delivers nutrients but also: Restores soil biologyActs as a natural bio fungicideReduces irrigation or rainfall needs by up to 20%Cuts dependence on costly synthetic imports By fostering local fertilizer production and embedding technology into self-sustaining community economies, Easy Environmental Solutions moves African nations toward true fertilizer sovereignty. For more information, visit www.easyenergysystems.com About Digital Utilities Ventures, Inc. Digital Utilities Ventures, Inc. (OTC: DUTV), now doing business as Easy Environmental Solutions Inc., is an innovative company developing modular technologies to solve major world problems. With a strong goal for sustainability and efficiency, DUTV aims to provide solutions for various industries through its unique approach to manufacturing and technology development. Forward-Looking Statements This press release contains discussions that may constitute ‘forward-looking' statements. Often these statements contain the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the United States Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. Contact: Mark K. Gaalswyk, CEO - Mark@easyenergysystems.com Nate Carpenter – ncarpenter@easyenergysystems.com Bakry Osman – bakry@easyenergysystems.com www.easyenergysystems.com www.easyenergyfinance.com www.duventures.com Phone: 952-400-6045 Email: info@duventures.com Photos accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/35171370-0ac6-4994-925c-4c55cd57b583 https://www.globenewswire.com/NewsRoom/AttachmentNg/4986e168-fa34-40a2-8666-48ef4e7492d5
Earnings call transcript: Petronor E&P Q2 2025 highlights production growth
Petronor E&P Ltd reported its Q2 2025 earnings, showcasing a steady performance with an emphasis on production growth and operational efficiency. The company maintained stable production levels and outlined plans for increased output in the coming year. Despite a slight dip in stock price, the company remains focused on maximizing shareholder value through strategic initiatives. Key Takeaways Stable production at 4,300 barrels per day in the first half of 2025.Revenue reached $27.6 million, primarily from gross tax and royalties.Operating costs were reduced to $800,000, approximately $11 per barrel.Significant capital repayment to shareholders amounting to $55.8 million.Projected production increase with new wells expected online in September. Company Performance Petronor E&P has maintained stable production levels at 4,300 barrels per day, benefiting from improved infrastructure and well uptime. The company is actively pursuing a five-well drilling program at the Chubbula East field, which is expected to boost production to between 4,400 and 4,700 barrels per day by the end of 2025. With a focus on lean operations and strong cash generation, Petronor continues to prioritize shareholder returns. Financial Highlights Revenue: $27.6 million, primarily from gross tax and royalties.Operating costs: $800,000, approximately $11 per barrel.Admin costs: Reduced to $5.4 million from $7.9 million last year.Capital repayment to shareholders: $55.8 million.Total shareholder return over 12 months: Over 50%. Outlook & Guidance Looking ahead, Petronor expects production in 2026 to surpass 2025 levels, with the first wells from the current drilling program expected to come online in September. The company’s stock has shown remarkable stability with a beta of -0.11, indicating counter-market movement patterns that could provide portfolio diversification benefits. Additionally, the company is exploring partnership opportunities in Gambia and continuing predevelopment studies for the Aje field in Nigeria. A potential additional capital distribution is anticipated at the May 2026 AGM. Get deeper insights into Petronor’s investment potential with InvestingPro, which offers exclusive access to 8 additional ProTips and comprehensive financial analysis through the Pro Research Report, available for over 1,400 top stocks. Executive Commentary CEO Jens Pates emphasized the company’s commitment to maximizing portfolio value and returning cash to shareholders. He stated, "We are focused on maximizing the value of the portfolio and returning cash to shareholders," highlighting a predictable dividend policy centered around shareholder value. Risks and Challenges Market volatility and fluctuating oil prices could impact revenue.Operational risks related to the drilling program and infrastructure upgrades.Potential regulatory changes in the regions where the company operates.Dependency on successful partnerships for the development of new fields. Petronor E&P is positioning itself for future growth with a clear focus on increasing production and shareholder returns. While challenges remain, the company’s strategic initiatives and operational efficiencies provide a solid foundation for continued success. Full transcript - Petronor E&P Ltd (PNOR) Q2 2025: Jens Pates, CEO, Echinoy A and P: Good morning. My name is Jens Pates. I’m the CEO of Echinoy A and P, and it’s good to be back to discuss the company’s quarterly report, which was put out this morning. I’m going to be using a few slides to review the first half of the year and to give some guidance as to what we expect to happen in the second half. Those of you who are familiar with the will see that this is a a fairly standardized format that we’ve been using. But my main objective here is to allow you to ask questions, and I’ll do my best to answer those at the end. So, please do send them through in the in the normal way, and, and we’ll we’ll get to them. So my first slide here is a disclaimer, which I will leave you to read at your leisure. This is an outline of what I plan to, to to go through today, and there’ll be a a brief operational updates to look at the first half of the year. And then we’ll dig into financial performance and our focus on shareholder value in the next section. There’ll be a a a brief portfolio overview to remind you of, of the geography and, and the activity sets we have across the the portfolio. I’ll give a brief update on the, the investigation that has been a factor for the companies for, for a number of years now and then summarize, the high as tough the year. So please do send in your questions, and, we’ll get to, to them as soon as we can. So first first up is, is the production over the first half of the year. And as you can see, it’s been stable and at about 4,300 barrels for the last two quarters. And this this is is accommodating a slight normal reservoir decline that we see with with a greater efficiency of the infrastructure and well uptime that is is kind of worked against that. So we’ve seen flat production for the first half of the year. I think the main thing I want to emphasize here that is in June, the Axima rig arrived in country from Gabon and has started a drilling program of five wells, on the Chubbula East field. And we expect production from those, wells to start to, to have an impact from September through to the fourth quarter. So if if we look at the the full year for 02/2025, we expect it’ll be, you know, somewhere between 4,400, 4,700 barrels a day on average, and an exit rate of over 5,000 barrels a which gets us back to the kind of production that we were seeing over a year ago. And so we’re we’re looking looking forward to seeing the benefit of that that program. During the first half of the year, we’ve distributed, 4.2 NOK per share to, to shareholders as as a capital repayment. And, that this creates a a total shareholder return over the last twelve months of over 50%. So we’re we’re quite pleased with that, and we’re committed to to to keeping focused on that metric as we as we go forward. Looking at the financial metrics, cash in the bank as of the June 30 is just over $60,000,000. And, you know, this this we’ve we’ve got revenue of 27.6, which is which is really only the grossed up tax and royalties that that we pay in oil to to this the Congolese state. So it we haven’t had any any cash any sales of of oil and any cash input for the first half of the year. And to to explain that a little bit more, the the the bottom graph shows the state of our oil inventory in green and our liftings and sales in in blue. And you can see that oil inventories can be negative as well as positive, and we had record liftings and sales of oil in 02/2024. And as a result, we we started the we had an overlift situation in in December, and we started the year with about 500,000 barrels of of of overlift to to pay back through the first half of this year, which we’ve done. And we’re now starting to build inventory again at a rate of about 90 to a 100,000 barrels a month. So by the the end of of the year, we’ll be at over 600,000 barrels, and we expect this this will support a lifting in the fourth quarter as it did last year. So, you know, we’re we’re focused on on getting that that that cash injection late in the year, pretty much like we did in in the in last December. So if I look at the the cash waterfall, you can see we we started the the the set with the year with just under $80,000,000 of cash in the bank. You know, looking at the various flying bricks here, I’ve discussed the assignment of tax oil and royalties as as as a revenue, but but it’s it’s we we backed that out in in some of the other columns here. It’s So not really a a a real revenue to the company, but it is it is, for accounting purposes, a a it’s treated as revenue. Our OpEx costs 20 are 800,000.0, and this is the field operating costs, which is about half that. This is this is a a high margin field. Our operating costs are about $11 a barrel. And so the the other parts of OpEx is is the royalty payment. So it it might look a little high, but but but this is this is a a high margin field. Admin costs of 5,400,000.0. Working capital movements as a result of of the the the cash input in January that was related to production from and sale of oil from the previous year means we’ve had a working capital balance that we’ve had to work through over the last couple of quarters, and and so that this is the residual of that. CapEx investments in the, infill drilling program of 5,400,000.0, and then the big flying brick there is a $55,800,000 that was repaid to shareholders in two tranches in early in the year and and and then in May through the the annual cycle. This we we we also have paid a dividend to minority shareholders in The Congo. This leaves us with a a cash in the bank of of just over $60,000,000 as at the June. We look at at shareholder value. We have this discussion every time whether whether we we I should be showing a a a chart of the share price. And and there’ll there’ll be a day that that perhaps I won’t want to, but perhaps, you know, that that hasn’t arrived yet. So if you look over the last twelve months, we’ve had a growth in the share price of about 10%. And you can also see the effects of of the two capital distributions that we made to shareholders in the the beginning of the year and and then again in May, as as reflected in those big spikes in the share price. So, you know, it’s a continued operational delivery that has allowed us to to to do this, but we we have a very focused strategy of running the company very lean so that we can produce excess cash that will will support these shareholder distributions. The total shareholder return over the last twelve months has has been over over 50% if you take into account the the growth in the share price and the and the distributions. Quick overview of the portfolio. Production comes from Congo Brazzaville in the PNGF Sud license, which is operated by Perenco. Current field production on a gross basis is just over 25,000 barrels of oil per day. Our working interest of 16.83% means that that we we we have a a a net production of 3,000 four four thousand three hundred barrels a day at the moment. We have a redevelopment project in Nigeria, offshore Lagos in the Ajei field. Our focus there has been in consolidating the license partnership. I will give you a little bit of an update on that. The redevelopment plan would, would be mainly focused on on gas as well as liquids, and and there’s a there’s a a big market for, for gas in the region. And, so gas is considered a transitional fuel for for for Africa. And then we have an exploration portfolio with a license in in The Gambia, the a four license, which is in a proven basin with some attractive prospects that are analogous to to to nearby production. At our current production level, you know, we have two p reserves of 17,000,000 barrels in in ten years, or over ten years of of production at at the current levels, but we also have two c resources of, that that would allow us to to to double that in The Congo as well as the two c associated with, with the Aje field. Dive into The Congo a little bit. So it’s a of fields and with 2,300,000,000 barrels of rich of oil originally in place and and only 500,000 barrels sorry. 500,000,000 barrels recovered to date. So a a an opportunity to improve that recovery factor to something closer to 50% from the the 25 that that that that is currently being produced. And we’re doing this by, by keeping the existing stock up and running with, with with a work of program, but, also drilling infill wells on targeted, fields that we see an opportunity to, to to add production and in reserves, with with, with additional wells. So the current focus is on the Tubela Eastfield, and we have a five well program that started in June there. The the approach that’s being taken is to to do what we call batch drilling, which means that we we drill each section of the well in in in sequence rather than a complete well at this at at in in once. So we’ve we’ve done all the top holes of these five wells, and we’re we’re currently working through sequentially into the the the next casing point. This means that, the the the the production will will kind of come on quite quickly once we we we start completing these wells, And the first of these will be expected online in in September. As well as the workover program, we we have a we’ve we’ve acquired new three d seismic over this area, which is is giving us some some insights as to the the the remaining exploration potential in the area and and particularly, you know, the the the potential for follow on in PNGF BISS, which is a license that that we have had awarded to us, but we have yet to sign the production sharing agreement. Going to Nigeria now and the the Aje field. It has been produced as an oil field in the past, but we see the potential for it to be a gas condensate field with about half a TCF of gas and 17,000,000 barrel condensate. And then, you know, an underlying oil leg, which, which has been focused on in the past, which would also contribute to future production. It’s a a license that has exploration upside in the license area and also nearby discoveries that that are waiting infrastructure. And and and so our plan for development is to, is to renew the FPSO with, with with one that has gas processing capacity, drill four or five wells, and and, bring gas to shore via a 30 kilometer pipeline where of new age’s interest, which would give us a a over a working interest of over 51% in in the, in the in the licensed partnership. And, so we’re we’re following through with the formalities to complete that, that acquisition and hope to do that in in the next month or so. Our focus in the partnership is to continue our predevelopment studies on subsurface. We’ve completed reprocessing of the seismic into depth, and, we’re currently, revising the, the reservoir model so that we can best position development wells. We’ve also, acquired land on the landing point for the, the pipeline, which would be also the play the host for, an LPG plant, and this sits right next to the compressor station for the West Africa gas pipeline. So things are moving forward on, on Aje. And then the final part of the portfolio is in The Gambia. We are chasing reservoirs that are analogous to the Sangomar field immediately to the north of us in Senegal. We’ve had a a technical work program over the last eighteen months, which has highlighted seismic attribute support for hydrocarbons and the prospects that that we have mapped. So we’re we’re continuing to be excited about the prospectivity, but we we are also continuing to look for a partner for going into the drilling phase of this license, which on the current license timing will will need to to to start in November this year. Not sure that we would go into a drilling phase at a 100%, but we we are we are hopeful that that there will be continued interest in in coming into into that phase with us from others that we’re in discussion with. And you may recall that we had a position in Guinea Bissau, which we farmed down a 100%. The the well that was drilled was not commercially successful, but encouraging enough that, we understand the, the operator is planning to, to to follow on with a with a well in 02/1927. And this is important because there are deferred payments on on success case milestones of, of a, a field development plan being approved and, and an establishment of production, which could yield up to $60,000,000 of, of of consideration to, to Petronor in in the future. So moving on to the investigation up. I guess the the big is in the in the first half of the Department of Justice in The US have closed their investigation into the company, which, obviously was was great news. We we we are still under investigation in Norway by Opacrim. This has been ongoing since, two thousand twenty one, and we’re cooperating fully with with with them on on this process. Don’t really have any any updates on the timeline for this. It it’s it’s it’s uncertain and obviously beyond our control. But, you know, based on the the conversations that we’ve had with Erkacrim earlier in the year, we’re we are expecting some more clarity on the way forward sometime this year. And, obviously, we will update the market if there’s any change in that. So this is my my wrap here, before addressing your questions. And, you know, so stable production from the Congo assets and the the the offset of improved efficiency and and production decline has given us flat production through the the first half of the year. But we are expecting this to rise significantly with the, infill drilling program that is is underway, with, new production that’s anticipated to come online in in September. The overlift position coming into from from 2004 coming into the beginning of the year has been paid back, and we are building inventory now to support a a fourth quarter sale of oil and working working hard to make sure that happens. So with our cash position and the the the confidence that we have in a lifting at the before the end of the year, I think we’re we’re we’re in a strong position now for the board, to be considering, additional repayment of capital, and our focus is is maximizing the value of the portfolio and returning cash, excess cash to to shareholders as we’ve demonstrated in the first half of the year. I expect that the next the next cycle will be the normal cycle, would be announced at the May AGM next year for a for an additional distribution, but but but we will see how the the cash position works out as we as we go into to the end of this year. So that’s really all I I have to say in a in a prepared sense, but I’m happy to to answer your your questions now. So please please send them in. Unidentified Moderator/Analyst: Thank you, Jens. First question on the q and a is why are the admin costs so high? Jens Pates, CEO, Echinoy A and P: Well, that’s that’s a that’s a tough question to start with. Admin costs in the first half of the year were 5,400,000.0. They’re they’re actually they’ve actually come down quite a lot, and there’s a there’s a couple of reasons for that. I think the the equivalent admin costs for the for for last year, a similar time period, was was about 7,900,000.0. And the reason that they’ve come down is that we have we’ve reduced the size of the company in terms of people. So the people bill has come down from from about it’s been halved from about 2,400,000.0 to 1,200,000.0. And and that that will come down further once we get out of some of the restructuring costs associated with that. In addition, our legal bill, which is a substantial part of the the admin costs, is is has come down as a result of the The US closing their investigation. The The U US legal bill was was substantial, and we still have we we we did have some some invoices earlier in the year associated with meetings we were having in Washington, but, that that activity has now stopped. And so, I expect that, that to to drop further from from the the the current numbers. So 5.4 is is is an improvement over previous years, significant improvement over previous years, and and we expect it to to come down further. It’s it’s our our current strategy to to run the company as as lean as we possibly can. Unidentified Moderator/Analyst: Perfect. Thank you. Moving on to the next question. Are you able to provide any outlook for further dividends? Any plans for establishing a predictable dividend policy? Jens Pates, CEO, Echinoy A and P: Well, we have a predictable dividend policy that was announced in an AGM a few years ago when we, announced the change from from being a a a growth company, a company focused on growth, to one that’s focused on shareholder value. With the in the the the following AGM, we we we put out a, a dividend policy, and we’ve been following that since then. So the the the the the predictability of of the dividend is is really around, the predictability of our lifting cycle, which is is a, always a problem for small companies when we we have to build up to a certain parcel size to fill a tanker, and and this means that our cash inflow is quite lumpy. There are some ways we might be able to address this that we are in discussion about. But but, nonetheless, we have been successful in in producing cash from our from our assets on on reasonably predictable basis of of of of selling about a million barrels a year. And and so I anticipate we’ll be able to do that again in the fourth quarter this year, and this will put the board in a very strong position to make a an additional dividend or or shareholder distribution of some fall in in the May AGM. Unidentified Moderator/Analyst: Thank you. And what is the status on the restrictions on taking cash out from the Congo subsidiary? Jens Pates, CEO, Echinoy A and P: There’s there’s no restrictions as such. There’s obviously a a legal process, that we have to follow that’s that’s kind of part of the of the the corporate governance of of of companies in The Congo, which means that dividends have to be declared on the basis of fully audited accounts. And so there’s an annual cycle for for auditing accounts, and and this means there’s a there’s a there’s an annual dividend cycle. There’s been no restrictions on us accessing the cash that that that is in excess to what we need for reinvestment in The Congo. But but, obviously, we we are following the the the law in in in doing this on audited accounts that that is part of a normal corporate process. So it it it means that timing is not always you know? Well, tie timing is constrained by by the audit cycle. It’s it’s it it doesn’t happen when you want it. It happens when we when we have fully audited accounts. And we we we do what we can to to ensure this is done efficiently and regularly, and we have a good relationship with our our auditors who who who close the books on a very efficient basis. And so I I don’t anticipate any problems at all. Unidentified Moderator/Analyst: Okay. What is the next steps on RJ development? Jens Pates, CEO, Echinoy A and P: Well, as I say, we we’ve been focusing on on those pre predevelopment studies, and and the this is largely in in the subsurface area and and making sure that our our reservoir model is fit for purpose. We changed the the subsurface interpretation significantly as a result of the the the the new seismic work we did, and so this has required an adjustment there. We’re we’re continuing to to complete the environmental sensitivities assessment, and this is associated with also the landfall where we’ve purchased land for the for for the the the pipeline that will come from from the FPSO. Our our main focus right now, though, has been on on consolidating the partnership because it it has been it has been a a a an issue that that has has, I think, delayed the the development in the past. And so so we’re we’re we’re hopeful that we’ll be able to do that going forward now with with the ministerial approval that we’ve received on on the the acquisition of New Age’s interests. So that that’s been the focus of our activity. The next the next step is really to is is is really to to complete the, predevelopment studies so we get to a position where we can, we we we can come to the market with a a field development plan update and and and a concept select that that we will be able to to to get to a final investment decision on. The timing for that is is obviously still still under discussion with the partnership group as it is today, but we hope we’ll simplify that discussion in the in the coming months. Unidentified Moderator/Analyst: Very good. Thank you. Should we expect 2026 production to be above 2025 production? Jens Pates, CEO, Echinoy A and P: I fully anticipate that we’ll come out of ’25 with production over 5,000 barrels a day on a net basis. So I would expect ’26 production will be will be commensurately higher than than we’ve seen through through ’25. And, you know, you have to keep pedaling hard on these old fields to to to to to keep production going, and we’ve been doing that very effectively. The operator, Perenco, has done a good job of of of maintaining the existing well stocked with with an active workover program. And we have two workover crews working on the field complex at the moment, that that that’s reducing the the the waiting list for wells that that that have fallen over and need to be need to be brought back to production. And then the infill program adds new well capacity, and that’s what I’m hoping will will significantly increase the production through the second half of this year and then going into into ’26. So the answer to the question is yes. We should see we should see a higher production in ’26. Unidentified Moderator/Analyst: Thank you. So any updates on PNGF base and Chendo? Jens Pates, CEO, Echinoy A and P: I’ll take Chendo first. Chendo was a field that we put a new platform on in the in the last year, and that there was two objectives to that new platform. One was to add generating capacity to the field to to allow us to be self sufficient for power. We’ve been seeing quite a a lot of power outages and, instability in in the previous year, which which had, had been a a problem for, for the uptime of the whole field, in fact. And and so by being self sufficient in power, the field has been running much more stably, which is why we’re seeing the increase in production efficiency that has allowed us to keep production flat. The second objective of the Chengdu platform was was it has 14 new well slots, and we’re we’re planning to to do infill drilling of the Chengdu field from from those slots. And I think we we had planned originally to to do six initial wells. That program got deferred in favor of the the the program we’re currently doing on Chubbula East, really for reasons of of of of higher priority because of rate. We think we’ll get a higher rate from Chubbara East than than the Chendo Wells. So they’re still in the program, but but we we’re we’re not sure when we’ll get to them, whether it’s it it it’ll be next year or the or or early the year after. But, we’re still working on that, and we have the capacity now with the, with the wellhead platform to, to to to implement that quite quickly. On, the second part of the question of PNGF BISS, we you know, the the license has been awarded to a Perenco led group. Our our petronors working interest in that would would, I believe, be 25%. And we we’re in discussion with the operator as to the the the final award of the production sharing agreement that is necessary to to to start work on on the on the on the license. We have acquired three d seismic survey over it, we’ve been interpreting, which will inform that, that discussion with the government on the final, production sharing agreement. So it’s very much in Perenco’s hands, and, I’ll I’ll be I’ll be traveling to the The Congo to to meet with Renko in the normal cycle for the the the technical committee meeting in November, and I expect that that this will be a subject of an update then. But, you know, it’s it’s a license that we are we we we see good potential in, but, obviously, it’s the the the detail of which this needs to be informed by the work that we’re doing on the the new seismic. Unidentified Moderator/Analyst: K. Thank you. You report CapEx of 5,400,000 for the year to date period. What do you expect CapEx to be for the full year? Jens Pates, CEO, Echinoy A and P: The full year CapEx for the infill drilling program for for us on a net basis will be closer to $18,000,000. The 5.4 for the first half reflects that we we we were a little bit perhaps a little delayed getting started, month delay, get in the rig arriving from Gabon. So I expect second half of CapEx will be a little bit higher as as we we fully execute that drilling program, which is the main the main the main investment that we’re making. So, yeah, 18 around $18,000,000 for the year in total, and we’ve we’ve we’ve paid about $5.5.4 in the first half of the year. Looking at next year, I I would expect it to be something similar. So it it but we won’t know that until Perenco issued the license budget, which will be in in November. So I’ll be able to update the the market in the in the next, in the in the next cycle. Unidentified Moderator/Analyst: Perfect. Moving on to, what seems to be the final question for for now. Does Petronor have the correct capital structure to support a 51% share of the CapEx on the Arche development, or is the current plan to bring in a partner? Jens Pates, CEO, Echinoy A and P: We we’ve looked hard at, at how that project would be financed, and, we we do see a a good debt capacity for, for project financing, the, the the the project. We would still need to to put in some equity capital. You know, we don’t have any debt at the moment as a company, and the the the Congo production is entirely unleveraged. So we do have options around that. But but but I think, you know, behind the question is, would would we welcome a well funded partner? And I think the answer to that is yes. We’re not we’re looking at what that that might look like for the partnership group. But our current focus is on on trying to to to to clean up the, the the existing partnership, and, and allow the the project to to be presented to, to to either a a debt financer or an equity another equity partner in a in a robust way. So, so so I I it’s a bit of an inconclusive answer. I realize that, but, but but we do see the project as a very attractive project, that one that can can attract both debt and equity finance. Unidentified Moderator/Analyst: Thank you. There are no further questions, so I will hand it back to you, Jens, for your final remarks. Jens Pates, CEO, Echinoy A and P: Very good. Well, thank you for for your questions and some good ones there. Just to reiterate the key messages really for for the for the first half of the year and then looking forward to to the rest of the year. You know, solid solid production with which gives us a platform now to to see that increase with the infill drilling campaign that is underway and and running well. And so so we expect to see good good production increase in the second half of the year. A a lifting as well would would supported by the the growth in inventory now that we’ve paid back the the the overlift from 02/2024. And all of this to to a strengthen and already strong cash position, which we think will will put the board in a in a, a great shape to, to consider additional shareholder distributions as as we, as we look towards the the end of the year. So thank you very much for your attention, and look forward to seeing you again in the in the next quarter cycle. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Absa CEO aims for retail expansion in South Africa
Kenny Fihla, the newly appointed CEO of Absa Group, has outlined his strategy to modernise and strengthen the bank's retail banking operations in South Africa. This initiative comes as the bank aims to establish stability following a period of leadership changes, with Fihla being the sixth CEO since Maria Ramos' departure in 2019, reported Reuters. Claimed to be the third-largest bank in South Africa by assets, Absa has been striving to enhance its performance and innovate since its separation from Barclays in 2020. However, the frequent changes in leadership have impacted the bank's profitability. After Ramos retired in 2019, Absa was led by two permanent and three interim CEOs before Fihla took the helm in June. Fihla acknowledged the challenges faced by the retail sector, stating, "There's no doubt that our retail business in South Africa was effectively trapped in a time (when) others were innovating and getting better ways of delivering to the client. We were stuck in a particular era." In a strategic shift, the bank has reversed the previous CEO Arrie Rautenbach's decision to divide its retail banking operations into three separate units, opting instead for a unified approach. "We're starting to see some early wins (in our retail business) in terms of the growth in client numbers and the growth in the number of clients who are transacting with us from the digital platform," Fihla noted. He expressed optimism about the future, stating, "Once we have appointed permanent leaders to run all of these businesses, I think we are likely to see an increase in the pace of execution and far greater momentum developing going into 2026." Key areas of focus for Absa include the enhancement of mobile and digital services, the integration of AI, and the introduction of value-added services, an improved rewards programme, and financial coaching tools. Looking beyond South Africa, Fihla aims to expand the bank's market presence across its 11 African countries, with plans to merge its two operations in Tanzania. He also indicated interest in exploring larger markets where Absa currently lacks a presence. In Nigeria, where the bank maintains a representative office, Fihla remarked, "we'd want to do more. But the environment must be right before we can think about significant scaling up." "Absa CEO aims for retail expansion in South Africa " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. View Comments
High-intensity Sweeteners Global Market Forecasts Report 2025-2030 Featuring Tate & Lyle, Cargill, IFF, Ajinomoto, Ingredion, Merisant, ADM, Fufeng, CJ CheilJedang, and Blue California
Company Logo The high-intensity sweeteners market offers significant growth opportunities driven by rising consumer demand for low-calorie solutions, innovation in extraction, and formulation techniques. Key opportunities include expanding in functional beverages, adopting eco-friendly practices, optimizing supply chains, and navigating evolving regulations. High-intensity sweeteners MarketHigh-intensity sweeteners Market Dublin, Aug. 19, 2025 (GLOBE NEWSWIRE) -- The "High-intensity sweeteners Market by Intense Sweetener Type (Acesulfame K, Aspartame, Neotame), Application (Beverages, Food, Personal Care), Form, Distribution Channel, Purity Grade - Global Forecast 2025-2030" report has been added to ResearchAndMarkets.com's offering. The High-Intensity Sweeteners Market grew from USD 2.32 billion in 2024 to USD 2.45 billion in 2025. It is expected to continue growing at a CAGR of 5.83%, reaching USD 3.26 billion by 2030. The high-intensity sweeteners market is witnessing accelerating global adoption as organizations pursue solutions that align with consumer demand for healthier lifestyles and sugar reduction. Decision-makers are focusing on operational agility and regulatory readiness to secure growth in this evolving competitive landscape. Scope & Segmentation Intense Sweetener Types: Includes acesulfame K, aspartame, neotame, saccharin, stevia, and sucralose, each delivering unique profiles in sweetness, stability, and formulation flexibility. Applications: Used in beverages, food products like bakery and confectionery, dairy items, sauces and dressings, as well as in personal care and pharmaceutical sectors. Form Factors: Available as crystal, liquid, and powder, allowing for customized handling and dosing according to manufacturing needs. Distribution Channels: Distributed through offline outlets such as hypermarkets, supermarkets, convenience stores, and general stores, as well as online direct-to-consumer and e-commerce platforms. Purity Grades: Offered in food, industrial, and pharmaceutical grades to meet various regulatory and safety requirements. Regional Coverage: Spanning Americas (United States, Canada, Mexico, Brazil, Argentina), Europe, Middle East & Africa (including United Kingdom, Germany, France, Russia, Italy, Spain, UAE, Saudi Arabia, South Africa, Denmark, Netherlands, Qatar, Finland, Sweden, Nigeria, Egypt, Turkey, Israel, Norway, Poland, Switzerland), and Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Thailand, Philippines, Malaysia, Singapore, Vietnam, Taiwan). Key Companies Profiled: Includes Tate & Lyle PLC, Cargill, International Flavors & Fragrances Inc., Ajinomoto, Ingredion, Merisant, Archer Daniels Midland, Fufeng Group, CJ CheilJedang, and Blue California. Story Continues Key Takeaways for Senior Decision-Makers High-intensity sweeteners support innovation by addressing consumer demands for sugar alternatives, enhancing portfolio flexibility for manufacturers. Varied sweetener types and forms enable tailored solutions across product categories, helping ensure compliance with taste, stability, and labeling requirements. Growth is sustained by global movements toward clean labels, transparency, and sugar reduction in both food and non-food sectors. Regional variations necessitate localized R&D to address distinct consumer preferences, especially in rapidly urbanizing Asia-Pacific markets and markets with evolving trade policies. Active partnerships and capacity expansions by leading firms help maintain supply reliability and advance innovation in response to regulatory developments. Sustainable practices and traceable supply chains are increasingly influencing procurement and sourcing decisions for long-term value creation. Why This Report Matters Enables strategic planning by clarifying how innovations, regulations, and tariffs affect global market positioning. Guides resource allocation through detailed segmentation and competitor profiling, ensuring optimized responses to consumer and regulatory trends. Provides actionable intelligence for portfolio diversification, supply chain resilience, and go-to-market execution. Key Attributes: Report Attribute Details No. of Pages 189 Forecast Period 2025 - 2030 Estimated Market Value (USD) in 2025 $2.45 Billion Forecasted Market Value (USD) by 2030 $3.26 Billion Compound Annual Growth Rate 5.8% Regions Covered Global Market Dynamics Rising consumer preference for naturally sourced stevia extracts with minimal processing Increased investment in formulation of high-intensity sweetener blends to mask aftertaste and optimize flavor profiles Regulatory approvals and labeling challenges for novel sweeteners like allulose and advantame in key global markets Growing focus on low glycemic index sweeteners to address metabolic health concerns and diabetes prevention strategies Expansion of clean label initiatives driving demand for botanical sweeteners such as monk fruit and Luo han guo extracts Impact of sugar tax implementations on product reformulation strategies using high-intensity sweeteners in beverages Technological advancements in microencapsulation improving stability and solubility of high-intensity sweeteners in powdered mixes Sustainability concerns influencing supply chain sourcing for non-nutritive sweetener crops amid climate change pressures Emergence of personalized nutrition platforms integrating high-intensity sweeteners based on individual taste and health profiles Consumer skepticism around artificial sweetener safety boosting research into next generation natural alternatives with clinical evidence Companies Featured Tate & Lyle PLC Cargill, Incorporated International Flavors & Fragrances Inc. Ajinomoto Co., Inc. Ingredion Incorporated Merisant Company Archer Daniels Midland Company Fufeng Group Limited CJ CheilJedang Corporation Blue California, LLC For more information about this report visit https://www.researchandmarkets.com/r/1yblmr About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment High-intensity sweeteners Market CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 View Comments
Trump’s unprecedented, potentially unconstitutional deal with Nvidia and AMD, explained: Alexander Hamilton would approve
“We negotiated a little deal,” President Donald Trump told reporters on August 11, about the developing situation with leading chip makers Nvidia and AMD continuing to do business in China. He explained that he originally wanted a 20% cut of Nvidia’s sales in exchange for the company obtaining export licenses to sell H20 chip to China, but he was persuaded to settle at 15%. The H20 chip is “obsolete,” Trump added … “he’s selling a essentially old chip.” The chips do appear to be quite significant to China, considering that the Cyberspace Administration of China held discussions with Nvidia over security concerns that the H20 chips may be tracked and turned off remotely, according to a disclosure on its website. The deal, which lifted an export ban on Nvidia’s H20 AI chips and AMD’s MI308, and followed heated negotiations, was widely described as unusual and also still theoretical at this point, with the legal details still being ironed out by the Department of Commerce. Legal experts have questioned whether the eventual deal would constitute an unconstitutional export tax, as the U.S. Constitution prohibits duties on exports. This has come to be known as the “export clause” of the constitution. Indeed, it’s hard to find much precedent for it anywhere in the history of the U.S. government’s dealings with the corporate sector. Erik Jensen, a law professor at Case Western Reserve University who has studied the history of the export clause, told Fortune he was not aware of anything like this in history. In the 1990s, he added, the Supreme Court struck down two attempted taxes on export clause grounds (cases known as IBM and U.S. Shoe). Jensen said tax practitioners were surprised that the court took up the cases: “if only because most pay no attention to constitutional limitations, and the Court hadn’t heard any export clause cases in about 70 years.” The takeaway was clear, Jensen said: “The export clause matters.” Columbia University professor Eric Talley agreed with Jensen, telling Fortune that while the federal government has previously applied subsidies to exports, he’s not aware of other historical cases imposing taxes on selected exporters. Talley also cited the export clause as the usual grounds for finding such arrangements unconstitutional. Rather than downplaying the uniqueness of the arrangement, Treasury Secretary Scott Bessent has been leaning into it. In a Bloomberg television interview, he said: “I think you know, right now, this is unique. But now that we have the model and the beta test, why not expand it? I think we could see it in other industries over time.” Story continues Bessent and the White House insist there are “no national security concerns,” since only less-advanced chips are being sold to China. Instead, officials have touted the deal as a creative solution to balance trade, technology, and national policy. How rare is this? The arrangement has drawn sharp reaction from business leaders, legal experts, and trade analysts. Julia Powles, director of UCLA’s Institute for Technology, Law & Policy, told the Los Angeles Times: “It ties the fate of this chip manufacturer in a very particular way to this administration, which is quite rare.” Experts warned that if replicated, this template could pressure other firms—not just tech giants—into similar arrangements with the government. Already, several unprecedented arrangements have been struck between the Trump administration and the corporate sector, ranging from the “golden share” in U.S. Steel negotiated as part of its takeover by Japan’s Nippon Steel to the federal government reportedly discussing buying a stake in chipmaker Intel. Nvidia and AMD have declined to comment on specifics. When contacted by Fortune for comment, Nvidia reiterated its statement that it follows rules the U.S. government sets for its participation in worldwide markets. “While we haven’t shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide. America cannot repeat 5G and lose telecommunication leadership. America’s AI tech stack can be the world’s standard if we race.” The White House declined to comment about the potential deal. AMD did not respond to a request for comment. While Washington has often intervened in business—especially in times of crisis—the mechanism and magnitude of the Nvidia/AMD deal are virtually unprecedented in recent history. The federal government appears to have never previously claimed a percentage of corporate revenue from export sales as a precondition for market access. Instead, previous actions took the form of temporary nationalization, regulatory control, subsidies, or bailouts—often during war or economic emergency. Examples of this include the seizure of coal mines (1946) and steel mills (1952) during labor strikes, as well as the 2008 financial crisis bailouts, where the government took equity stakes in large corporations including two of Detroit’s Big three and most of Wall Street’s key banks. During World War I, the War Industries Board regulated prices, production, and business conduct for the war effort. Congress has previously created export incentives and tax-deferral strategies (such as the Domestic International Sales Corporation and Foreign Sales Corporation Acts), but these measures incentivized sales rather than directly diverting a fixed share of export revenue to the government. Legal scholars stress that such arrangements were subjected to global trade rules and later modified after international complaints. Global lack of precedent The U.S. prohibition on export taxes dates back to the birth of the nation. Case Western’s Jensen has written that some delegates of the Constitutional Convention of 1787, such as New York’s Alexander Hamilton, were in favor of the government being able to tax revenue sources such as imports and exports, but the “staple states” in the southern U.S. were fiercely opposed, given their agricultural bent, especially the importance of cotton at that point. Still, many other countries currently have export taxes on the books, though they are generally imposed across all exporters, rather than as one-off arrangements that remove barriers to a specific market. And many of the nations with export taxes are developing countries who tax agricultural or resource commodities. In several cases (Uganda, Malaya, Sudan, Nigeria, Haiti, Thailand), export taxes made up 10% to 40% of total government tax revenue in the 1960s and 1970s, according to an IMF staff paper. Globally, most countries tax profits generated within their borders (“source-based corporate taxes”), but rarely as a direct percentage of export sales as a market access precondition. The standard model is taxation of locally earned profits, regardless of export destination; licensing fees and tariffs may be applied, but not usually as a fixed percent of export revenue as a pre-negotiated entry fee. Although the Nvidia/AMD deal doesn’t take the usual form of a tax, Case Western’s Jensen added. “I don’t see what else it could be characterized as.” It’s clearly not a “user fee,” which he said is the usual triable issue of law in export clause cases. For instance, if goods or services are being provided by the government in exchange for the charge, such as docking fees at a governmentally operated port, then that charge isn’t a tax or duty and the Export Clause is irrelevant. “I just don’t see how the charges that will be levied in the chip cases could possibly be characterized in that way.” Players have been known to “game” the different legal treatments of subsidies and taxes, Columbia’s Talley added. He cited the example of a government imposing a uniform, across-the-board tax on all producers, but then providing a subsidy to sellers who sell to domestic markets. “The net effect would be the same as a tax on exports, but indirectly.” He was unaware of this happening in the U.S. but cited several international examples including Argentina, India, and even the EU. One famous example of a canny international tax strategy was Apple’s domicile in Ireland, along with so many other multinationals keeping their international profits offshore in affiliates in order to avoid paying U.S. tax, which at the time applied to all worldwide income upon repatriation. Talley said much of this went away after the 2018 tax reforms, which moved the U.S. away from a worldwide corporate tax, with some exceptions. The protection racket comparison If Trump’s chip export tax is an anomaly in the annals of U.S. international trade, the deal structure has some parallels in another corner of the business world: organized crime, where “protection rackets” have a long history. Businesses bound by such deals must pay a cut of their revenues to a criminal organization (or parallel government), effectively as the cost for being allowed to operate or to avoid harm. The China chip export tax and the protection rackets extract revenue as a condition for market access, use the threat of exclusion or punishment for non-payment, and both may be justified as “protection” or “guaranteed access,” but are not freely negotiated by the business. “It certainly has the smell of a governmental shakedown in certain respects,” Columbia’s Talley told Fortune, considering that the “underlying threat was an outright export ban, which makes a 15% surcharge seem palatable by comparison.” Talley noted some nuances, such as the generally established broad statutory and constitutional support for national-security-based export bans on various goods and services sold to enumerated countries, which have been imposed with legal authority on China, North Korea, Iraq, Russia, Cuba, and others. “From an economic perspective, a ban on an exported good is tantamount to a tax of ‘infinity percent’ on the good,” Talley said, meaning it effectively shuts down the export market for that good. “Viewed in that light, a 15% levy is less (and not more) extreme than a ban.” Still, there’s the matter, similar to Trump’s tariff regime, of making a legal challenge to an ostensibly blatantly illegal policy actually hold up in court. “A serious question with the chips tax,” Case Western’s Jensen told Fortune, “is who, if anyone, would have standing to challenge the tax?” In other words, it may be unconstitutional, but who’s actually going to compel the federal government to obey the constitution? This story was originally featured on Fortune.com View comments
Meren Energy Q2 2025 presentation: Debt reduction and growth catalysts take center stage
Introduction & Market Context Meren Energy Inc (NYSE:MER) presented its second quarter 2025 results on August 14, highlighting the company’s progress on debt reduction while maintaining its dividend commitment and advancing several growth projects. The presentation, titled "The Next Phase of Value Creation," emphasized Meren’s balanced approach to capital allocation amid fluctuating oil prices. The company’s stock closed at $1.68 on the day of the presentation, down slightly by 0.59%, and currently trades near the lower end of its 52-week range of $1.59-$2.18. Despite this, Meren continues to position itself as a leading independent exploration and production company with a focus on high-margin assets across Africa. Quarterly Performance Highlights Meren reported solid production figures for Q2 2025, with working interest production of 30,900 boepd and entitlement production of 35,700 boepd. This performance has led the company to revise its full-year guidance slightly upward for both metrics. As shown in the following production performance chart: The company’s average realized oil price in Q2 2025 was $64.2/bbl, slightly below the average Dated Brent price of $67.9/bbl for the period. However, for the first half of 2025, Meren achieved an average sales price of $77.0/bbl, outperforming the average Dated Brent price of $71.8/bbl. The oil sales and pricing data reveals the company’s exposure to market volatility: Detailed Financial Analysis Meren’s financial performance for Q2 2025 showed mixed results. The company reported EBITDAX of $122 million for the quarter and $248.2 million for H1 2025, tracking toward the revised full-year guidance of $450-500 million. Cash flow from operations reached $107 million in Q2 and $177.5 million for H1, while free cash flow was $30 million for the quarter. The following chart illustrates these key financial metrics: The company’s cash position decreased significantly from $428.4 million at the end of Q1 2025 to $266.6 million by the end of Q2. This reduction was primarily due to debt repayments and dividend distributions, as shown in the cash movements waterfall chart: Meren has maintained its focus on debt reduction, with year-to-date RBL (Reserve-Based Lending) repayments totaling $270 million. This has resulted in a net debt position of $273.4 million and a healthy Net Debt/EBITDAX ratio of 0.6x, positioning the company with a strong balance sheet relative to many peers in the sector. The company’s liquidity management strategy is illustrated in the following chart: Strategic Initiatives & Growth Catalysts Meren’s capital allocation strategy balances three key priorities: delivering on its $100 million base dividend distribution plan, maintaining strong liquidity, and supporting a resilient balance sheet through disciplined capital allocation. The company has already distributed approximately $50 million in dividends during H1 2025 and has announced a third dividend distribution of approximately $25 million. The capital allocation framework is outlined below: Looking beyond current operations, Meren highlighted several significant growth catalysts across its portfolio. The Venus Development in Namibia represents the company’s most substantial opportunity, featuring a world-class light oil discovery with first production potentially starting in 2029. Other notable projects include the Preowei Development in Nigeria and high-impact exploration prospects in South Africa’s Orange Basin. These growth catalysts are summarized in the following overview: The Venus Development in Namibia is particularly noteworthy, with plans for up to 40 subsea wells tied back to an FPSO with a peak capacity of 160,000 barrels per day. The project is progressing with ESIA submitted in Q4 2024, Front-End Engineering Designs scheduled for Q4 2025, and Final Investment Decision expected in H1 2026. The following map illustrates Meren’s position in the Orange Basin: Forward-Looking Statements Meren has revised its full-year 2025 guidance, maintaining or slightly increasing production expectations while moderating financial projections. The company now expects working interest production of 30,000-33,000 boepd (up from 28,000-33,000) and entitlement production of 34,500-37,500 boepd (up from 32,000-37,000). However, EBITDAX guidance has been revised downward to $450-500 million from the original $500-600 million, and cash flow from operations is now expected to be $260-310 million versus the original $320-370 million. Capital investments have also been reduced to $100-140 million from $150-190 million. The revised guidance compared to original projections and H1 actuals is presented below: CEO Roger Tucker emphasized the company’s commitment to financial discipline, stating, "We are delivering on what we said we would do, maintaining financial discipline." CFO Aldo Parisini added, "Our approach towards cash management this quarter has been focused and disciplined." Meren’s investment case rests on four pillars: high netback production, funded organic growth opportunities, a robust balance sheet with low debt, and a transparent shareholder returns policy. The company positions itself as a leading player in the consolidation of the independent E&P sector, with a balanced approach to current operations and future growth. Despite market challenges and oil price volatility, Meren appears well-positioned to continue its debt reduction strategy while maintaining shareholder returns and advancing its portfolio of development and exploration projects across Africa. Full presentation: This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.